Tilray Brands Inc (TLRY) 2025 Q4 法說會逐字稿

Thank you for joining today's conference call to discuss Tilray Brands financial results for the fourth quarter and fiscal year 2025, ended May 31, 2025. (Operator Instructions)

感謝您參加今天的電話會議，討論 Tilray Brands 截至 2025 年 5 月 31 日的第四季度和 2025 財年的財務業績。（操作員指示）

I will now turn the call over to Ms. Barron Norrata, Tilray Brands Chief Corporate Affairs and Communications Officer. Thank you. You may now begin.

現在我將把電話轉給 Tilray Brands 首席企業事務和傳播官 Barron Norrata 女士。謝謝。現在你可以開始了。

Thank you, operator and good afternoon everyone. By now you should have access to the earnings press release, which is available on the investors section of the Tilray Brands website at tillray.com and has been filed with SEC and SEDAR. Please note that during today's call we will be referring to various non-GAAP financial measures that can provide useful information for investors.

謝謝接線員，大家下午好。現在您應該可以存取收益新聞稿，該新聞稿可在 Tilray Brands 網站 (tillray.com) 的投資者部分找到，並且已向 SEC 和 SEDAR 提交。請注意，在今天的電話會議中，我們將參考各種可以為投資者提供有用資訊的非公認會計準則財務指標。

However, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. The earnings press release contains a reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP.

然而，這些資訊的呈現並非旨在被孤立地考慮或取代根據 GAAP 呈現的財務資訊。收益新聞稿包含每個非 GAAP 財務指標與依照 GAAP 編製的最具可比性的指標的對帳。

In addition, we will be making numerous forward-looking statements during our remarks and in response to your questions. These statements are based on our current expectations and beliefs and involve known and unknown risks and uncertainties, which may prove to be incorrect. Actual results could differ materially from those described in those forward-looking statements. The test in our earnings press release includes many of the risks and uncertainties associated with such forward-looking statements.

此外，我們將在發言中以及回答您的問題時做出許多前瞻性的陳述。這些聲明是基於我們目前的預期和信念，涉及已知和未知的風險和不確定性，可能被證明是不正確的。實際結果可能與這些前瞻性陳述中所述的結果有重大差異。我們的收益新聞稿中的測試包括與此類前瞻性陳述相關的許多風險和不確定性。

Today, we will be hearing from key members of our senior leadership team, beginning with Irwin Simon, Chairman and Chief Executive Officer, who will provide opening remarks and commentary; followed by Carl Merton, Chief Financial Officer, who will review our financial results for the fourth quarter and fiscal year 2025.

今天，我們將聽取高級領導團隊主要成員的發言，首先是董事長兼首席執行官 Irwin Simon，他將致開幕詞並發表評論；然後是首席財務官 Carl Merton，他將回顧我們 2025 年第四季度和財年的財務業績。

Also joining us for the question-and-answer segment are Denise Faltischek, Chief Strategy Officer and Head of M&A; Blair MacNeil, President of Tilray Canada; Rajneesh Ori, Managing Director, International; and Prinz Pinakatt, Chief Growth Officer of Tilray Beverages.

參加問答環節的還有首席策略長兼併購主管 Denise Faltischek、Tilray 加拿大總裁 Blair MacNeil、國際部董事總經理 Rajneesh Ori 和 Tilray 飲料首席成長長 Prinz Pinakatt。

And now I'd like to turn the call over to Tilray Brand's Chairman and CEO, Irwin Simon.

現在我想把電話轉給 Tilray Brand 的董事長兼執行長 Irwin Simon。

Thank you, Barron, and good afternoon, everyone. And thank you for joining us today.

謝謝你，巴倫，大家下午好。感謝您今天加入我們。

In fiscal 2025, we continue to execute our long-term strategy of solidifying our global leadership in cannabis and expanding our beverage and wellness business with new innovation, strategic bolt-on acquisitions, and geographic expansion. We're in categories that are emerging quickly, like cannabis, as well as categories that have been around for years, but are evolving and changing. like our beer and spirits and businesses.

在 2025 財年，我們將繼續執行我們的長期策略，鞏固我們在大麻領域的全球領導地位，並透過新創新、策略性附加收購和地理擴張來擴大我們的飲料和保健業務。我們所處的類別包括快速崛起的類別，例如大麻，以及已經存在多年但正在發展和變化的類別，例如我們的啤酒、烈酒和業務。

As we bring our businesses together, we are creating a unique and scalable global platform, while remaining laser focused on profitability and cashflow. Our strategy is paying off. And I want to start by highlighting three key points.

隨著我們整合業務，我們正在創建一個獨特且可擴展的全球平台，同時繼續專注於獲利能力和現金流。我們的策略正在發揮成效。首先我想強調三個重點。

We reached a record revenue of $22.4 million in the international cannabis business in Q4, up 71% year over year. Total cannabis gross margin increased by 400 basis points and reached the 44% in Q4 and cannabis gross margin increased by 700 basis points in the fiscal year. And in Q4, we also achieved our second highest ever orderly consolidated adjusted EBITDA of almost $28 million.

第四季度，我們的國際大麻業務收入創下 2,240 萬美元的紀錄，年增 71%。第四季大麻總毛利率增加400個基點，達到44%，本財年大麻毛利率增加700個基點。在第四季度，我們還實現了有史以來第二高的有序合併調整後 EBITDA，接近 2800 萬美元。

In terms of full year consolidated fiscal financial metrics in fiscal '25, Tilray achieved record annual revenue of $821 million, a 4% increase year over year on a constant currency basis, and $834 million, a 6% increase year over year.

以25財年全年合併財務指標來看，Tilray年營收達到創紀錄的8.21億美元，以固定匯率計算年增4%，銷售額達8.34億美元，年增6%。

During the fiscal year, we implemented strategic initiatives aimed at enhancing business operations by improving margin and our profitability. However, these decisions impacted our revenue by $35 million. If we eliminated these one-time impacts of these strategic decisions and currency fluctuations, revenue would have been approximately $870 million, or a 10% growth year over year.

在本財政年度，我們實施了旨在透過提高利潤率和獲利能力來加強業務營運的策略性舉措。然而，這些決定影響了我們的3500萬美元的收入。如果我們消除這些策略決策和貨幣波動的一次性影響，營收將達到約 8.7 億美元，年增 10%。

Importantly, Tilray delivered its highest gross profit to date at $241 million, an 8% increase year over year. All this was achieved while maintaining a strong balance sheet with approximately $256 million in cash, reducing our debt by approximately $100 million to date and improving our net debt to EBITDA ratio to 0.3 times from a 1.7 times last year. We aim to continue strengthening our balance sheet through further strategic debt restructuring in our fiscal year 2026.

重要的是，Tilray 實現了迄今為止最高的毛利，達到 2.41 億美元，年增 8%。在實現這一切的同時，我們也保持了強勁的資產負債表，擁有約 2.56 億美元現金，迄今為止減少了約 1 億美元的債務，並將淨債務與 EBITDA 比率從去年的 1.7 倍提高到 0.3 倍。我們的目標是在 2026 財年透過進一步的策略債務重組來繼續加強我們的資產負債表。

Over the past five years, Tilray has experienced significant growth through both organic expansion and strategic acquisitions and geographic expansion. We generated revenues from over 21 countries, and operate a portfolio over 40 brands in four diversified business units.

過去五年來，Tilray 透過有機擴張、策略性收購和地理擴張實現了顯著成長。我們的收入來自超過 21 個國家，並在四個多元化業務部門經營超過 40 個品牌。

As Carl's going to explain in further detail, we booked a non-cash impairment this quarter. To offer some color, in 2021 when we completed the reverse takeover at Tilray, where there was lots of excitement in the market regarding the acquisition and the potential for US cannabis legalization, the growth in our share price reflected that enthusiasm at the time at the deal closing. Since then, US regulatory changes have not advanced the way we'd hoped, which has impacted our share price and have turned our market cap.

正如卡爾將要詳細解釋的那樣，我們本季計入了非現金減損。為了提供一些信息，當我們在 2021 年完成對 Tilray 的反向收購時，市場對此次收購以及美國大麻合法化的可能性感到非常興奮，我們股價的增長反映了交易完成時的熱情。自那時起，美國的監管變化並沒有像我們所希望的那樣進展，這影響了我們的股價並改變了我們的市值。

From an accounting standpoint, that meant we need to recognize a non-cash impairment charge this quarter. Let me be very clear. Despite recording this non-cash accounting charge, it does not change how we feel about the future of our business today, including the intrinsic value of our tangible assets, our liquidity, and of course, our brand equity. We remain incredibly optimistic, and we believe we have the right long-term strategy to deliver for our shareholders.

從會計角度來看，這意味著我們需要在本季度確認一項非現金減損費用。讓我說得更清楚一點。儘管記錄了這筆非現金會計費用，但它並沒有改變我們對當今業務未來的看法，包括我們有形資產的內在價值、我們的流動性，當然還有我們的品牌資產。我們仍然非常樂觀，我們相信我們擁有正確的長期策略來為股東帶來利益。

We have transformed Tilray Brands into a company, generating nearly $1 billion in annual revenue, establishes ourselves as a leading global cannabis business outside the United States, the fourth largest craft beer producer in the US, and a dominant force in the global market for high-protein hemp foods, snacks, and wellness drinks. Our progress is rooted in deep understanding of product, innovation, involving consumer needs, shaping offerings, not only reflect but anticipate it how people choose to eat, drink, relax, and address their health and well-being.

我們已將 Tilray Brands 轉變為一家公司，年收入近 10 億美元，成為美國以外領先的全球大麻企業、美國第四大精釀啤酒生產商，以及全球高蛋白大麻食品、零食和健康飲料市場的主導力量。我們的進步源自於對產品和創新的深刻理解，涵蓋消費者需求、塑造產品，不僅反映而且預測人們如何選擇吃、喝、放鬆以及如何解決他們的健康和福祉。

At fiscal 2025, we led the Canadian cannabis market with over $185 million in revenue. We operate a leading international medical cannabis business outside North America, generating almost $65 million in annual cannabis revenue, totaling to be approximately $250 million in cannabis sales worldwide, and over $270 million in medical pharma distribution revenue.

到 2025 財年，我們以超過 1.85 億美元的收入領先加拿大大麻市場。我們在北美以外經營一家領先的國際醫用大麻業務，每年的大麻收入接近 6,500 萬美元，全球大麻銷售總額約為 2.5 億美元，醫用藥品分銷收入超過 2.7 億美元。

Our US beverage division generated approximately $240 million in sales, and our wellness division, which continues to dominate the hemp industry with nearly 60% branded markets in the US and 80% in Canada, contributing $60 million in revenue.

我們的美國飲料部門創造了約 2.4 億美元的銷售額，我們的健康部門繼續主導大麻產業，在美國佔據近 60% 的品牌市場，在加拿大佔據 80% 的品牌市場，貢獻了 6000 萬美元的收入。

Now let's look at our performance by divisions. Beginning with our international cannabis business, as a result of our industry-leading international infrastructure, international cannabis revenue grew. In Q4, it was up 71% year over year. And excluding Australia, European cannabis revenue increased organically 112% in Q4, compared to the prior year in Florida. In fiscal year 2025, our international cannabis business revenue grew approximately 20% year over year.

現在讓我們來看看各部門的表現。從我們的國際大麻業務開始，由於我們行業領先的國際基礎設施，國際大麻收入有所增長。第四季年增71%。除澳洲外，歐洲大麻收入在第四季度與去年同期相比，佛羅裡達州的有機成長了 112%。2025財年，我們的國際大麻業務營收年增約20%。

This top line of proven is evidence that our growth in our international markets is accelerating and will continue, particularly in Germany, where we maintain our number one leadership position in the reimbursed market and increased our sales and self pay market. Tilray is well positioned to expand its market share across Europe, supported by vertically integrated operations, EU-GMP cultivation facilities in Portugal and Germany, and a comprehensive sales and distribution infrastructure.

這些頂級的證明表明我們在國際市場的成長正在加速並將持續下去，特別是在德國，我們在報銷市場中保持第一的領導地位，並增加了我們的銷售和自付市場。憑藉垂直整合的營運、葡萄牙和德國的 EU-GMP 種植設施以及全面的銷售和分銷基礎設施，Tilray 已做好充分準備擴大其在歐洲的市場份額。

Let me take a moment to spotlight our progress in Germany, where in Q4 we achieved revenue growth of 134% over the prior year quarter and 54% revenue growth in fiscal year 2025 when compared with the prior fiscal year. Our wholly owned subsidiary, Aphria RX, remains at the forefront as one of the just three licensed cultivators of medical cannabis.

讓我花點時間來介紹一下我們在德國的進展，在德國，我們在第四季度的收入比去年同期增長了 134%，2025 財年的收入比上一財年增長了 54%。我們的全資子公司 Aphria RX 作為僅有的三家獲得許可的醫用大麻種植商之一，仍然處於領先地位。

This license positions us to better serve patients' needs and expand access to the highest quality cannabis products across broader markets. It also serves as a significant competitive advantage as we are not required to procure, import, and export permits to sell and distribute Aphria RX products in Germany. In addition to increasing our revenue in existing markets, we're also laser focused on entering and expanding developing markets.

該許可使我們能夠更好地滿足患者的需求，並擴大更廣泛市場上最優質大麻產品的獲取管道。這也是一項顯著的競爭優勢，因為我們不需要採購、進口和出口許可證即可在德國銷售和分銷 Aphria RX 產品。除了增加現有市場的收入外，我們還專注於進入和擴大發展中市場。

In June, our wholly owned subsidiary, FL Group, received from the Ministry of Health an extension to its license to import and distribute three medical cannabis flowers, which are cultivated and produced in our EU-GMP certified facility in Portugal.

6 月，我們的全資子公司 FL Group 獲得了衛生部的延長許可，可以進口和分銷三種醫用大麻花，這些大麻花在我們位於葡萄牙的 EU-GMP 認證工廠種植和生產。

Moving on to our pharmaceutical distribution segment in Europe, CC Pharma continues to be consistent performer and a key enabler. of our international cannabis performance. It continues to serve as a competitive differentiator as it allows us to provide excellent service to our customers throughout our order of fulfillment and quick delivery to our customers. The infrastructure we have in place positions us for success as regulations continue to change across Europe.

談到我們在歐洲的醫藥分銷領域，CC Pharma 持續保持穩定的表現，並且是我們國際大麻業務表現的關鍵推動因素。它繼續成為一種競爭優勢，因為它使我們能夠在整個訂單履行過程中為客戶提供優質服務並快速交付給客戶。隨著歐洲各地法規的不斷變化，我們現有的基礎設施將使我們成功。

As we look ahead, our experiences, portfolio, and infrastructure keeps us exceptionally well positioned to lead our scale of medical cannabis business, not only across Europe, but in every market that regulation evolves. I am confident that our team, our vision, and our execution will continue to drive to raise growth and our ability to deliver value for medical cannabis patients worldwide.

展望未來，我們的經驗、產品組合和基礎設施使我們處於非常有利的地位，不僅在整個歐洲，而且在監管不斷發展的每個市場中，都能引領醫用大麻業務的規模。我相信我們的團隊、我們的願景和我們的執行力將繼續推動成長，並增強我們為全球醫用大麻患者提供價值的能力。

Turning to our cannabis operations in Canada. after six years, we're seeing stabilization within the Canadian cannabis market, alongside new growth opportunities. With continued consolidation on both the producer and retail sides, we are starting to see signs of industry normalizations and balancing inventories. The Canadian cannabis sector continues to evolve at a rapid pace, with a goal of combating the illegal market and putting safe products in the hands of our consumers to meet their needs and wants.

談到我們在加拿大的大麻業務。經過六年，我們看到加拿大大麻市場趨於穩定，同時出現了新的成長機會。隨著生產和零售雙方的持續整合，我們開始看到產業正常化和庫存平衡的跡象。加拿大大麻產業持續快速發展，目標是打擊非法市場並將安全的產品交到消費者手中，滿足他們的需求和願望。

Tilray continues to revenues as the largest cannabis business in Canada, which remains the largest federally legal cannabis market. In fiscal year 2025, our Canadian cannabis revenue totaled $186 million and $191 million on a constant currency basis.

Tilray 繼續保持加拿大最大的大麻企業收入，而加拿大仍然是最大的聯邦合法大麻市場。2025 財年，我們的加拿大大麻收入總計 1.86 億美元，以固定匯率計算為 1.91 億美元。

Excluding the impact of strategic decisions made to enhance margin performance, revenue would have reached $206 million when excluding currency fluctuations. In Q4, artillery maintains a 9.3% market share in the adult recreational segment, distinguishing itself as the only top five licensed producers to do this. We maintain the number one position in THC beverages, chocolate edibles, oils, and capsules combined, and non-infused pre-rolls. We also held a top 10 position in all other categories.

如果不考慮為提高利潤率而做出的策略決策的影響，則扣除貨幣波動因素後，收入將達到 2.06 億美元。第四季度，Artillery 在成人娛樂領域保持著 9.3% 的市場份額，成為唯一一家做到這一點的前五名授權生產商。我們在 THC 飲料、巧克力食品、油和膠囊組合以及非注入預捲方面保持第一的位置。我們在所有其他類別中也都名列前十。

In the cannabis flower category, we regained the number one market share in Q4 and as a result of strong innovation and launches under the Redecan and Broken Coast brand. Tilray operates as a vertically integrated company, manufacturing 90% of its products internally, and maintain high standards of quality and reliability.

在大麻花類別中，我們憑藉著強大的創新能力以及 Redecan 和 Broken Coast 品牌的推出，在第四季度重新奪回了第一的市場份額。Tilray 是一家垂直整合的公司，90% 的產品均由內部生產，並保持高品質和可靠性標準。

Operationally, we remain laser focused on cost optimization through labor balancing, production improvements, and contract steamlining. As a result, we continue to prove our cost per unit. On the cultivation side, we have the most flexible footprint in the global cannabis industry, which we have strategically optimized to maximize efficiency.

在營運方面，我們始終專注於透過勞動力平衡、生產改進和合約精簡來優化成本。因此，我們繼續證明我們的單位成本。在種植方面，我們在全球大麻產業擁有最靈活的足跡，並對其進行了策略性優化以最大限度地提高效率。

With a facility footprint of approximately 5 million square feet, our value chain and business processes are recognized as an industry-leading business. In fiscal 2025, we put the building blocks in place to transition cultivation from 150 metric tons to over 200 metric tons as a result of increase in volume demand in Canada and internationally.

我們的設施佔地約 500 萬平方英尺，我們的價值鍊和業務流程被公認為業界領先企業。在 2025 財年，由於加拿大和國際上的需求量增加，我們已做好準備，將種植量從 150 公噸轉變為 200 公噸以上。

We have the capacity for continuous growth. We are confident in the industry outlook and the strength of our brands. Our product portfolio serves as a wide range of consumer segments, offering options that appeal to various taste profiles. We sharpen our product mix to focus on higher margin skews, which has had a direct impact in improving gross margins across the board.

我們擁有持續成長的能力。我們對產業前景和品牌實力充滿信心。我們的產品組合服務於廣泛的消費者群體，提供適合各種口味的選擇。我們優化了產品組合，專注於更高的利潤率，這對全面提高毛利率產生了直接影響。

The strategic shift is yielding in real benefits. We're generating more profits per gram, while aligning with consumers' preferences for quality and consistency. Those that followed us may have already noticed our double-digit percent gauge in revenue program and flower. We have a great products and a major new innovations coming up that will hit every market in Canada in the next three quarters.

這一策略轉變正在產生實際效益。我們正在創造更多的每克利潤，同時滿足消費者對品質和一致性的偏好。關注我們的人可能已經注意到我們的收入計劃和鮮花都達到了兩位數的百分比。我們即將推出一系列優質產品和重大創新，它們將在未來三個季度內席捲加拿大的每個市場。

Globally, the cannabis industry continues to evolve. And Tilray has the cultivation and manufacturing agility at the right cost to compete in the market commercially, both in Canada and around the world, and hopefully, one day in the US. And with the recent appointment of the new administrator, the USDA, we anticipate he will play a significant role in potential rescheduling of cannabis in the United States, which should open up new opportunities for Tilray in the US market.

在全球範圍內，大麻產業正在不斷發展。Tilray 擁有以適當成本進行的種植和製造靈活性，可以在加拿大和世界各地的市場上進行商業競爭，並且希望有一天能在美國市場上進行商業競爭。隨著美國農業部新任管理者最近的任命，我們預計他將在美國大麻的潛在重新安排中發揮重要作用，這將為 Tilray 在美國市場開闢新的機會。

Also, in the Canadian market, the future holds significant promise as regulatory reform to bring about pivotal changes, including medical cannabis available one day through pharmacies, enhance enforcement to reduce the illicit market, authorization for cannabis beverages to be sold outside dispensaries, reformation of excise tax policy, and last but not least, broad accessibility of CBD products and beverages.

此外，在加拿大市場，未來前景廣闊，監管改革將帶來關鍵變化，包括未來可透過藥局購買醫用大麻、加強執法以減少非法市場、授權在藥房外銷售大麻飲料、改革消費稅政策，以及最後但並非最不重要的是，CBD 產品和飲料的廣泛普及。

Turning to our beverage business, fiscal 2025 was a total year of transition and rebuilding for our beverage business, which includes beer and spirits highlighted by the acquisition of four craft brands, from Molson Coors to expand our portfolio and the continued integration of several other beer brands.

談到我們的飲料業務，2025 財年是我們飲料業務轉型和重建的一年，其中包括啤酒和烈酒，亮點是從 Molson Coors 收購了四個精釀品牌，以擴大我們的產品組合，並繼續整合其他幾個啤酒品牌。

We launched Project 420 to integrate operations and optimize process and revitalize brands resulted in $24 million in annualized savings towards a $33 million goal, which we will continue to work on. By working closely with our distributors in various markets, we streamlined our portfolio to eliminate a duplicate and slower growth products and concentrate our brands in the region where they have the most strength.

我們啟動了“420項目”，以整合營運、優化流程和振興品牌，實現了年度節省2400萬美元，朝著3300萬美元的目標邁進，我們將繼續努力。透過與各市場的經銷商密切合作，我們精簡了產品組合，消除了重複和成長較慢的產品，並將我們的品牌集中在其最有實力的地區。

The strategic initiatives impacted revenue to date by approximately $20 million and an adjusted EBITDA of $6 million. We expect the offset to come in future quarters. These efforts also led to a 100-basis point improvement in beverage gross profit for the year.

這些策略舉措迄今對收入產生了約 2000 萬美元的影響，調整後的 EBITDA 為 600 萬美元。我們預計未來幾季將出現抵銷。這些努力也使得全年飲料毛利潤提高了100個基點。

So while we grew our beverage business 90% in fiscal 2025, like the rest of the beer industry, our business is impacted by software consumer demand. We attribute this to lower demand and short-term influences and broader category related challenges, including adverse weather, integration process, and delayed innovation.

因此，雖然我們的飲料業務在 2025 財年增長了 90%，但與啤酒行業的其他公司一樣，我們的業務也受到軟體消費者需求的影響。我們將其歸因於需求下降和短期影響以及更廣泛的類別相關挑戰，包括惡劣天氣、整合過程和創新延遲。

In Q4, the beverage segment reported net revenue of $65.6 million. Q4 traditionally represents the peak sales period for this business. However, this year outcomes diversions from previous projections. The beer business was primarily affected by skew rationalization initiatives and generally softer consumer demand observed across the sector due to the factors I just mentioned.

第四季度，飲料部門淨收入為 6,560 萬美元。傳統上代表該業務的銷售高峰期。然而，今年的結果與先前的預測有所不同。啤酒業務主要受到傾斜合理化舉措以及由於我剛才提到的因素而整個行業普遍出現的消費者需求疲軟的影響。

Following our acquisition from AB I, we encountered unexpected distribution headwinds at retail due to mis-reset windows that occurred prior to the closing of the acquisition. We also saw a shift on premise dynamics. And while we introduced new products, not all met our expectations.

在我們從 AB I 收購之後，由於收購完成之前發生的錯誤重置窗口，我們在零售方面遇到了意想不到的分銷阻力。我們也看到了前提動態的轉變。雖然我們推出了新產品，但並非所有產品都符合我們的預期。

Additionally, although our SKU rationalization made strategic sense, there's a natural time-lapse before higher performing skews could replace those phased out. Now with suspensionally relativized brands, a refreshed innovation pipeline, SKU rationalization behind us, we are well positioned to recapture revenue and secure more points of distribution in the up and coming resets.

此外，儘管我們的 SKU 合理化具有戰略意義，但在性能更高的產品取代被淘汰的產品之前，自然需要一段時間。現在，隨著品牌相對化暫停、創新管道更新、SKU 合理化，我們已做好準備，在即將到來的重置中重新獲得收入並確保更多的分銷點。

During the quarter, we implemented several measures, including leadership changes, restructuring of the sales and marketing teams, and the launch of targeted initiatives to design and reinforce what our beer portfolio is and what it can be. Our beer operations are now under the directions of Tilray's Chief Growth Officer, Prinz Pinakatt. We are confident that our prompt and strategic corrective actions, which yield improved gross margins year over year, position us for favorably success in fiscal year 2026.

在本季度，我們實施了多項措施，包括領導層變動、銷售和行銷團隊重組，以及推出有針對性的舉措來設計和強化我們的啤酒產品組合及其未來發展方向。我們的啤酒業務目前由 Tilray 首席成長長 Prinz Pinakatt 負責。我們相信，我們迅速且有策略性的糾正措施將使毛利率逐年提高，並為我們在 2026 財年取得良好成功奠定基礎。

Today, Tilray Beverages operates more than 20 beverage brands, including 15 American craft beer brands across eight networked manufacturing facilities, and 18 brew pubs. In the spirits category Breckenridge Distillery has proven its strength in the bourbon sector, experienced higher depletions compared to others in declining market. It also made a significant progress in the Botkin gin markets, complimented by its world-class restaurant and retail operations that provide an immersive brand experience.

如今，Tilray Beverages 經營著 20 多個飲料品牌，包括 8 個連網製造工廠的 15 個美國精釀啤酒品牌和 18 家啤酒屋。在烈酒類別中，布雷肯里奇釀酒廠已證明了其在波本威士忌領域的實力，與下滑市場中的其他釀酒廠相比，其損耗更高。該公司還在博特金杜松子酒市場取得了重大進展，其世界一流的餐廳和零售業務提供了身臨其境的品牌體驗。

We've introduced several world-class innovations, including Mock One, our new line of non-alcoholic spirits; and Melton Shot, which aims to disrupt the shot occasion; and Casa Breck in the tequila space. Our national distributor for spirits, RNDC, had experienced several changes within the fiscal year. As we have, we maintain and are committed to working in major markets, while also working with other distributors in the California and the additional markets.

我們推出了幾項世界級的創新產品，包括我們的新系列無酒精烈酒 Mock One、旨在打破傳統飲酒習慣的 Melton Shot 以及龍舌蘭酒領域的 Casa Breck。我們的全國烈酒經銷商 RNDC 在本財政年度內經歷了幾次變化。正如我們所做的那樣，我們保持並致力於在主要市場開展工作，同時也與加州和其他市場的其他經銷商合作。

Regarding our non-alcoholic beverage portfolio, Runner's High, our new non-alcohol beer brand, which we launched at fiscal 2025, is now recognized as a top 15 brand and ranks as the fourth fastest growing non-alcohol beer in the Southeast, now sold across 4,500 distribution points.

關於我們的非酒精飲料產品組合，我們在 2025 財年推出的新非酒精啤酒品牌 Runner's High 現已被公認為前 15 名品牌之一，並且是東南部增長速度第四快的非酒精啤酒，目前在 4,500 個分銷點有售。

In the fiscal year, within three months, Tilray launched hemp-derived THC beverage sales, and expanded the distribution of those drinks to over 1,300 distribution points across 13 states, as well as through online and direct-to-consumer channels, leveraging our established National Beverage Distribution Network, which spans independent retailers, convenience stores, and package stores, including multi-state retailers such as Total Wine and ABC.

在本財年，Tilray 在三個月內推出了大麻衍生的 THC 飲料銷售，並將這些飲料的分銷擴展到 13 個州的 1,300 多個分銷點，以及透過線上和直接面向消費者的管道，利用我們已建立的國家飲料分銷網絡，該網絡涵蓋獨立零售商、便利商店和包裝商店，包括 Total Wine 和 ABC 等跨州零售商。

We see this category evolving continuously and expect it to be a significant part of our growth in 2026. Unlike other newcomers to the sector, we have an edge with our established beer network. Looking ahead to 2026, we see strong opportunities and anticipate increased demand for beer.

我們看到這一類別不斷發展，並預計它將成為我們 2026 年成長的重要組成部分。與該行業的其他新來者不同，我們憑藉成熟的啤酒網絡佔據優勢。展望 2026 年，我們看到了巨大的機遇，並預期啤酒需求將會增加。

Beer is not going away. With continued consolidation of craft beer industry and exits of smaller craft brewers and consumer demand continuing, we see opportunities within this business where we have several new exciting innovation plan and are committed to driving Tilray's growth under our new leadership.

啤酒不會消失。隨著精釀啤酒行業的持續整合、小型精釀啤酒廠的退出以及消費者需求的持續增長，我們看到了該行業中的機遇，我們制定了幾個令人興奮的新創新計劃，並致力於在新領導下推動 Tilray 的成長。

Our Tilray Wellness business delivered a strong financial results in 2025 as consumers continue to seek out better for you functional foods and beverages made with clean ingredients. Tilray Wellness had the portfolio of products that meet their needs. Tilray Wellness net revenue was over $60 million in fiscal 2025, representing a 9% growth year over year and 11% growth on a constant currency basis. This growth was driven by continued expansion of our Manitoba Harvest Hemp Hearts and alongside our new Superseed innovation including snacks, breakfast items, and smoothie blends.

隨著消費者繼續尋求採用清潔成分製成的更有益於健康的功能性食品和飲料，我們的 Tilray Wellness 業務在 2025 年取得了強勁的財務業績。Tilray Wellness 擁有滿足他們需求的產品組合。Tilray Wellness 2025 財年的淨收入超過 6,000 萬美元，較去年同期成長 9%，以固定匯率計算成長 11%。這一增長得益於我們 Manitoba Harvest Hemp Hearts 的持續擴張以及我們的新 Superseed 創新，包括零食、早餐食品和冰沙混合物。

Tilray Wellness successfully relaunched HiBall Energy on Amazon and at retail at Whole Foods Markets in the fiscal year and experience a 68% growth. HiBall Energy is a brand of functional, better for you energy drinks known for being a premium alternative to traditional energy drinks. It's formulated with clean ingredients and has zero calories, zero sugar, no artificial sweetener, and packed with vitamin B and tastes great.

Tilray Wellness 在本財年成功在亞馬遜和 Whole Foods Markets 零售店重新推出了 HiBall Energy，並實現了 68% 的成長。HiBall Energy 是一個功能性、對您更有益的能量飲料品牌，以傳統能量飲料的優質替代品而聞名。它由純淨的成分製成，零卡路里、零糖、不含人工甜味劑，富含維生素 B，味道好極了。

In addition to delivering strong top line growth, Tilray Wellness expanded its margins to 32% in fiscal 2025, up from 30% in 2024, driven by favorable sales mix and productivity savings generated in our manufacturing facilities. Tilray will look to expand its wellness segment in fiscal 2026, both in wellness and functional foods and beverages. We'll continue to diversify and expand the Manitoba Harvest portfolio in the North American area in better for you and high protein categories, and begin to bring the brains into new international markets. We see the success of HiBall, as a validation that Tilray Wellness has the right infrastructure and experience to build and acquire more broad-based wellness beverage portfolio.

除了實現強勁的營收成長外，Tilray Wellness 的利潤率還從 2024 年的 30% 擴大到 2025 財年的 32%，這得益於良好的銷售組合和製造工廠產生的生產力節約。Tilray 將在 2026 財年擴大其健康領域，包括健康食品和功能性食品和飲料。我們將繼續在北美地區擴大 Manitoba Harvest 產品組合的多元化，推出更適合您的產品和高蛋白產品，並開始將其推向新的國際市場。我們認為 HiBall 的成功證明了 Tilray Wellness 擁有合適的基礎設施和經驗來建立和獲得更廣泛的健康飲料組合。

In terms of our management team, we have strengthened our leadership by appointing Rajnish Ohri as a Managed Director of International based in London and Dubai. Rajnish will drive growth across international markets in medical cannabis, beverages, and wellness. And in regions like Asia, the Middle East, India, and Turkey, we will focus on strategic opportunities in non-alcoholic beer and hemp-based food products.

在我們的管理團隊方面，我們任命 Rajnish Ohri 為駐倫敦和杜拜的國際董事總經理，加強了我們的領導能力。Rajnish 將推動醫用大麻、飲料和保健品等國際市場的成長。在亞洲、中東、印度和土耳其等地區，我們將專注於無酒精啤酒和大麻食品的策略機會。

I am confident that with Rajnish leadership and deep industry experience, Tilray is strongly positioned to accelerate our international growth and capitalize on emerging opportunities. His innovative mindset and strategic approach perfectly aligned with our vision for global expansion. I look forward to working closely with Rajnish.

我相信，憑藉 Rajnish 的領導能力和深厚的行業經驗，Tilray 將有能力加速我們的國際成長並利用新興機會。他的創新思維和策略方針與我們全球擴張的願景完美契合。我期待與 Rajnish 密切合作。

I'll close this with fiscal 25 was a big year for Tilray across the board. It would not have been possible without the tireless work and dedication of our employees around the world. And I want to thank each and every one of you. We built a unique business at the forefront of the beverage, cannabis, and wellness industries on a global scale. And guess what? We're just getting started.

最後我想說，25 財年對 Tilray 來說是個全面重要的一年。如果沒有我們世界各地員工的不懈努力和奉獻，這一切都不可能實現。我要感謝你們每一個人。我們在全球範圍內建立了處於飲料、大麻和保健行業前沿的獨特業務。你猜怎麼著？我們才剛開始。

With that, I will now turn the call over to Carl to discuss our financials in greater detail. Carl, are you ready?

說完這些，我現在將把電話轉給卡爾，讓他更詳細地討論我們的財務狀況。卡爾，你準備好了嗎？

Thank you, Irwin. Please note that we present our financials in accordance with US GAAP and in US dollars. Throughout our discussion, we will be referring to both GAAP and non-GAAP adjusted results, and we encourage you to review the reconciliation contained within our press release of our reported results under GAAP with the corresponding non-GAAP measures.

謝謝你，歐文。請注意，我們按照美國公認會計準則並以美元呈現我們的財務數據。在整個討論過程中，我們將參考 GAAP 和非 GAAP 調整後的結果，我們鼓勵您查看我們新聞稿中包含的 GAAP 報告結果與相應的非 GAAP 指標的對帳。

Focusing on our fiscal year results first. Net revenue for fiscal 2025 grew by 4%, reaching a record $821.3 million or $833.7 million on a constant currency basis. This growth was primarily driven by a 71% increase in international revenue during the fourth quarter. While this figure represents an improvement over the prior year's $788.9 million, it is below the lower end of our revised guidance of $850 million. This was mainly due to reduced beverage volumes and delayed export permits, which led to lower-than-expected international revenue in the fourth quarter.

首先關注我們的財政年度業績。2025財年的淨收入成長了4%，達到創紀錄的8.213億美元，以固定匯率計算則為8.337億美元。這一增長主要得益於第四季國際收入成長 71%。雖然這一數字比上年的 7.889 億美元有所改善，但仍低於我們修訂後的 8.5 億美元指引的下限。這主要是由於飲料產量減少和出口許可證延遲，導致第四季度國際收入低於預期。

Typically, our beverage business sees its highest revenue in Q4, but this year's results did not meet expectations. As Irwin mentioned, we took corrective actions to improve future performance in our Beverage business. In response to challenging and evolving market conditions, we took this divisive action -- decisive action. Our results reflect an approximate $35 million revenue impact from deliberate strategic decisions. This includes a $15 million reduction in cannabis revenue due to our decision to scale back in the vape and infused pre-roll categories, which at the time were margin dilutive.

通常，我們的飲料業務在第四季度的收入最高，但今年的業績並未達到預期。正如歐文所提到的，我們採取了糾正措施來提高飲料業務的未來表現。為了因應充滿挑戰和不斷變化的市場條件，我們採取了這項分裂行動——果斷行動。我們的結果表明，深思熟慮的策略決策將帶來約 3500 萬美元的收入影響。其中包括由於我們決定縮減當時會稀釋利潤的電子煙和預捲菸類別，導致大麻收入減少 1500 萬美元。

Additionally, there was a $20 million impact associated with our beer SKU rationalization initiative aimed at enhancing the long-term performance of our beverage portfolio. Had these actions not been taken and excluding the effects of currency fluctuations, our revenue would have been approximately $870 million for the year.

此外，我們的啤酒 SKU 合理化計劃還產生了 2000 萬美元的影響，旨在提高我們飲料產品組合的長期業績。如果不採取這些行動，並且排除貨幣波動的影響，我們今年的收入將約為 8.7 億美元。

These were necessary steps to position the business for sustainable profitable growth. Although international cannabis saw strong Q4 growth, cannabis net revenue decreased 9% year-over-year, largely due to our focus on maintaining and growing gross margin and a higher average selling price. Specifically, in Canada, vapes and infused pre-rolls experienced a high degree of price compression, which led to a $15 million reduction in our revenue as we instead focused on maintaining and growing margin.

這些都是使企業實現可持續獲利成長的必要步驟。儘管國際大麻第四季成長強勁，但大麻淨收入年減 9%，這主要是因為我們專注於維持和增加毛利率以及提高平均售價。具體來說，在加拿大，電子煙和注入式預捲菸的價格經歷了高度壓縮，導致我們的收入減少了 1500 萬美元，因為我們轉而專注於維持和增加利潤率。

Additionally, we redirected inventories to international cannabis markets to capitalize on higher margins abroad, only to have a portion of those inventories trapped due to unexpected regulatory challenges in obtaining export permits. The resulting impact of this strategic decision caused a temporary decline in gross adult-use cannabis revenue, international cannabis revenue, and cannabis revenue overall until their eventual sale. It should be noted that we have expanded our cultivation footprint for fiscal '26 to be able to satisfy the growing demand in both Canadian and international cannabis markets in the coming year.

此外，我們將庫存重新定向到國際大麻市場，以利用國外更高的利潤率，但由於在獲得出口許可證時遇到意外的監管挑戰，部分庫存被困。這項策略決策的最終影響是，成人用大麻總收入、國際大麻收入以及大麻整體收入在最終出售前暫時下降。值得注意的是，我們已經擴大了 26 財年的種植範圍，以便能夠滿足來年加拿大和國際大麻市場日益增長的需求。

Beverage revenue increased 19% year over year, primarily driven by acquisitions. The increase in sales from acquisitions were offset by the SKU rationalization implemented in connection with Project 420, which resulted in a reduction of revenue of $20 million for the year ended May 31, 2025 and an overall softness in consumer demand for craft beer.

飲料收入年增 19%，主要得益於收購。收購帶來的銷售額成長被與 420 項目相關實施的 SKU 合理化所抵消，導致截至 2025 年 5 月 31 日的年度收入減少 2000 萬美元，並且消費者對精釀啤酒的需求整體疲軟。

Wellness net revenue increased 9% for the year. The increase in revenue was primarily attributable to our strategic focus on continued innovations, including the relaunch of HiBall Energy and organic growth within our branded hemp food business related to higher consumption. Distribution net revenue increased 5%, primarily as a result of a change in product mix.

全年健康淨收入成長了 9%。收入的成長主要歸因於我們對持續創新的策略重點，包括重新推出 HiBall Energy 以及與消費量增加相關的品牌大麻食品業務的有機成長。分銷淨收入成長 5%，主要由於產品結構變化。

From a revenue contribution perspective, 30% of our net revenue was generated by our cannabis business, 29% was generated by our beverage business, 8% by our wellness business and 33% by our distribution business. This compares to 35% in cannabis, 25% in beverage, 7% in wellness, and 33% in distribution last fiscal year. We expect to see continued growth in contribution from our higher-margin segments in future periods.

從收入貢獻的角度來看，我們的淨收入的 30% 來自大麻業務，29% 來自飲料業務，8% 來自健康業務，33% 來自分銷業務。相較之下，上一財年大麻佔 35%，飲料佔 25%，保健品佔 7%，分銷佔 33%。我們預計未來高利潤部門的貢獻將持續成長。

Gross profit for fiscal 2025 increased 8% to $240.6 million compared to the prior year at $223.4 million, also representing our highest level ever. Gross margin increased 100 basis points to 29% from 28% in the prior year

2025 財年的毛利較上年的 2.234 億美元成長 8%，達到 2.406 億美元，這也是我們有史以來的最高水準。毛利率從上年的 28% 上升 100 個基點至 29%

Turning to our gross margin by segment. Cannabis gross margin increased to 40% from 33% in the prior year, which was driven by our increased international cannabis revenue as a proportion of total cannabis revenue, given its higher margin, as well as a continued focus on maintaining a higher average selling price and favorable product mix to improve gross margins in Canada despite lower sales in the Canadian adult-use market.

轉向按部門劃分的毛利率。大麻毛利率從去年的 33% 上升至 40%，這得益於我們的國際大麻收入佔大麻總收入的比例增加（因為其利潤率較高），以及儘管加拿大成人用品市場的銷售額較低，但我們仍繼續注重保持較高的平均售價和有利的產品組合，以提高加拿大的毛利率。

Beverage gross margin was 39% compared to 44% in the prior year. The decrease in gross margin is primarily a result of the decrease in demand in the fourth quarter, and its resulted impact on overhead absorption, as well as the lower margin contribution from our recently acquired brands from Molson Coors.

飲料毛利率為 39%，而上年度為 44%。毛利率下降主要是由於第四季度需求下降，以及其對間接費用吸收的影響，以及我們最近從 Molson Coors 收購的品牌的利潤貢獻較低。

Wellness gross margin increased to 32% from 30% in the prior year. This increase was driven by strong operational efficiencies, lower input costs, and the culmination of a change in sales mix towards higher-margin product offerings, including HiBall energy drinks. Distribution gross margin remained steady at 11% and consistent with the prior year, despite shortages in key pharmaceutical product lines in the third quarter as well as price reductions.

健康毛利率從上年的30%上升至32%。這一成長得益於強大的營運效率、較低的投入成本以及銷售組合向高利潤產品（包括 HiBall 能量飲料）轉變。儘管第三季主要醫藥產品線短缺且價格下降，但分銷毛利率仍保持穩定在 11%，與去年持平。

Net loss for fiscal 2025 increased to $2.2 billion, or $2.46 per share compared to a loss of approximately $220 million in the prior year, or $0.33 per share.

2025 財年淨虧損增至 22 億美元，即每股 2.46 美元，而前一年的虧損約為 2.2 億美元，即每股 0.33 美元。

From an adjusted perspective, we are reporting adjusted net income of $9 million, or $0.01 per share compared to $6.2 million, or $0.01 per share in the prior year, an approximate 45% increase.

從調整後的角度來看，我們報告的調整後淨收入為 900 萬美元，即每股 0.01 美元，而去年同期的調整後淨收入為 620 萬美元，即每股 0.01 美元，增長約 45%。

Our net loss was principally driven by non-cash impairment charges of approximately $2 billion in the fiscal year, comprised of almost $700 million in the third quarter, and almost $1.4 billion in the fourth quarter. The non-cash impairment charges during the fourth quarter includes $661.3 million of depreciable intangibles, $186.6 million of indefinite live intangibles, and $549 million of goodwill.

我們的淨虧損主要是由於本財年約 20 億美元的非現金減損費用，其中第三季近 7 億美元，第四季近 14 億美元。第四季的非現金減損費用包括 6.613 億美元的可折舊無形資產、1.866 億美元的無限期有效無形資產和 5.49 億美元的商譽。

Our consecutive non-cash impairment charges are the result of a combination of factors, including a sustained decline in the company's market capitalization from February 28 to May 31, stemming from the uncertainty around certain changes in US global economic policy, slower-than-anticipated progress in global cannabis regulatory change, and a change in the nondiscretionary inputs in the company's discount rate in the latest quarter.

我們連續的非現金減損費用是多種因素造成的，包括公司市值從 2 月 28 日到 5 月 31 日持續下滑，這源自於美國全球經濟政策某些變化的不確定性、全球大麻監管變化的進展慢於預期，以及公司最近一個季度折現率中非自由支配投入的變化。

The impairments represent numerical calculations based solely on accounting rules related to impairment calculations and do not reflect our views on our business. We continue to have full confidence in the intrinsic value of these assets, and these noncash charges do not reflect any change in our long-term strategy for the business.

這些減損僅基於與減損計算相關的會計規則進行數值計算，並不反映我們對業務的看法。我們仍然對這些資產的內在價值充滿信心，這些非現金費用並不反映我們業務長期策略的任何變化。

Further, approximately $1.1 billion of the $1.4 billion impairment relates to intangible assets acquired as part of the Tilray business combination in 2021. Under US GAAP accounting rules, the over 50% increase in the value of Aphria shares from the date of announcement of the transaction until the transaction closed became part of the accounting purchase prices, even though both companies had made the decision to transact at the consideration to be given on the date of announcement. We believe that increase was caused almost entirely by temporary increased expectations of cannabis legalization in the US as a result of the Blue Wave in the US.

此外，14 億美元減損損失中約有 11 億美元與 2021 年作為 Tilray 業務合併的一部分所收購的無形資產有關。根據美國公認會計準則，儘管兩家公司已決定以公告日給出的對價進行交易，但從交易宣布之日至交易完成之日，Aphria 股票價值超過 50% 的漲幅仍成為會計購買價格的一部分。我們認為，這種增長幾乎完全是由於美國的「藍色浪潮」導致人們對美國大麻合法化的預期暫時增加所致。

Senate bi-elections in January 2020 -- this -- January 2021. This run up in our stock price created a purchase price of $3.2 billion or an almost $1.1 billion increase in the purchase price versus if the transaction had occurred on the date of announcement.

2020 年 1 月——也就是 2021 年 1 月——參議院補選。我們的股價上漲使得購買價格達到 32 億美元，與交易在公告日期發生的情況相比，購買價格上漲了近 11 億美元。

After recording the impacts of the impairment, we anticipate that our net income will improve by approximately $70 million next year as a result of no longer recording amortization on the impaired intangibles.

在記錄減損的影響後，我們預計，由於不再記錄減損無形資產的攤銷，明年我們的淨收入將增加約 7,000 萬美元。

Adjusted EBITDA for fiscal 2025 was $55 million compared to $60.5 million in the prior year. For the year ended May 31, 2025, our SKU and geographic rationalization resulted in a reduction in net sales of approximately $20 million and an adjusted EBITDA impact of $6 million. We believe this temporary reduction will be offset by the growth of our new product innovation, including new beverage categories and future brand extensions.

2025 財年的調整後 EBITDA 為 5,500 萬美元，而前一年為 6,050 萬美元。截至 2025 年 5 月 31 日的年度，我們的 SKU 和地理合理化導致淨銷售額減少約 2,000 萬美元，調整後的 EBITDA 影響為 600 萬美元。我們相信，這種暫時的減少將被我們新產品創新的成長所抵消，包括新的飲料類別和未來的品牌擴展。

Cash flow used in operations in fiscal 2025 was $94.6 million, compared to $30.9 million in the prior year. Adjusted free cash flow was negative $114.2 million, as compared with $6.6 million in the prior year period. The $114.2 million includes approximately $63 million of working capital increases, $20 million in CapEx, net of growth CapEx, and approximately $31 million of cash losses from operating the businesses. The cash losses from operating the businesses primarily relate to nonrecurring restructuring, litigation, and transaction costs, as well as the investments in the beverage business as we rebuild the craft brands purchased from ABI and Molson Coors.

2025 財年的營運現金流為 9,460 萬美元，而上一年為 3,090 萬美元。調整後的自由現金流為負 1.142 億美元，而去年同期為 660 萬美元。這 1.142 億美元包括約 6,300 萬美元的營運資本增加、2,000 萬美元的資本支出（扣除成長資本支出）以及約 3,100 萬美元的業務營運現金損失。經營業務的現金損失主要與非經常性重組、訴訟和交易成本以及重建從 ABI 和 Molson Coors 購買的精釀品牌時對飲料業務的投資有關。

The CapEx spend includes approximately $7 million on sports sponsorships, reflecting the full multi-year cost of the license agreements. and $6 million in CapEx in the beverage segment as we invested in infrastructure at key facilities to increase production. The working capital increase relates to increases in accounts receivable late in the year in our international cannabis and beverage segments, increases in inventory related to the trapped permit inventory in Portugal, inventory in the wellness segment to manage tariff risks, and to reflect the increased demand on certain products, including HiBall.

資本支出包括約 700 萬美元的體育贊助費用，反映了許可協議的全部多年成本。以及 600 萬美元的飲料部門資本支出，因為我們投資了關鍵設施的基礎設施以提高產量。營運資本增加與我們國際大麻和飲料部門年底應收帳款的增加、與葡萄牙滯留許可證庫存相關的庫存的增加、健康部門為管理關稅風險而增加的庫存以及反映對包括 HiBall 在內的某些產品的需求增加有關。

Over the past fiscal year, we reduced our convertible debt outstanding by $67.8 million and reduced it by a further $5 million shortly after year-end. Our intention is to continue lowering our indebtedness, optimize our capital structure, and enhance our financial flexibility. The net reduction in our convertible debt will decrease our annual interest expense by over $4 million, which flows directly to net income and free cash flow.

在過去的財政年度，我們將未償還的可轉換債務減少了 6,780 萬美元，並在年底後不久又減少了 500 萬美元。我們的目標是持續降低負債，優化資本結構，增強財務彈性。我們的可轉換債務的淨減少將使我們的年度利息支出減少 400 多萬美元，這筆錢將直接流入淨收入和自由現金流。

Switching to our quarterly performance. Q4 total net revenue was $224.5 million compared to $229.9 million in the prior year quarter, with the softness in the beer business, offsetting a 71% increase year-over-year in international cannabis revenue.

轉向我們的季度業績。第四季總淨收入為 2.245 億美元，而去年同期為 2.299 億美元，啤酒業務的疲軟抵消了國際大麻收入年增 71% 的影響。

In Q4, net cannabis revenue was $67.8 million. Net average revenue was $65.6 million, but would have been over $71.6 million if we had not made the strategic decisions previously discussed. Wellness revenue was increased to $17 million. And finally, distribution revenue increased to $74.1 million.

第四季度，大麻淨收入為 6,780 萬美元。淨平均收入為 6,560 萬美元，但如果我們沒有做出先前討論的策略決策，淨平均收入將超過 7,160 萬美元。健康收入增加至 1700 萬美元。最後，分銷收入增加至 7,410 萬美元。

Gross profit was $67.6 million compared to $82.4 million in the prior year quarter. Gross margin was 30% compared to 36% in the prior year quarter. Most of the variance was related to the decreased demand in the beverage revenue in the quarter, impacting overhead absorption, combined with investments in the acquired brands.

毛利為 6,760 萬美元，而去年同期為 8,240 萬美元。毛利率為 30%，去年同期為 36%。大部分差異與本季飲料收入需求下降有關，影響了間接費用吸收，以及對收購品牌的投資。

As I previously mentioned, in the fourth quarter, we reported a $1.4 billion noncash impairment related to the decrease in our share price at May 31. The perception of the reduced likelihood of US and/or cannabis regulatory changes in the short term and an increase in the non-discretionary inputs in our discount rates utilized in the accounting exercise that is impairment.

正如我之前提到的，在第四季度，我們報告了與 5 月 31 日股價下跌相關的 14 億美元非現金減損。人們認為短期內美國和/或大麻監管變化的可能性降低，而會計工作中使用的折現率中的非自由支配投入增加，即減損。

As a result of this noncash impairment, we're reporting a net loss of $1.3 billion compared to a net loss of $15.4 million in the prior year quarter.

由於這項非現金減值，我們報告淨虧損 13 億美元，而去年同期淨虧損為 1,540 萬美元。

On a per share basis, this amounted to a net loss of $1.30 per share, compared to $0.04 per share in the prior year quarter. The noncash impairment charge had no impact on the company's tangible assets, compliance with debt covenants, its cash flows or available liquidity.

以每股計算，這相當於每股淨虧損 1.30 美元，而去年同期每股淨虧損為 0.04 美元。非現金減損費用對公司的有形資產、債務契約履行、現金流量或可用流動性沒有影響。

Adjusted net income was $20.2 million compared to $35.1 million in the prior year period. On a per share basis, this resulted in an adjusted EPS of $0.02, as compared to $0.04 in the prior year period.

調整後淨收入為 2,020 萬美元，而去年同期為 3,510 萬美元。以每股計算，調整後每股收益為 0.02 美元，而去年同期為 0.04 美元。

Adjusted EBITDA was $27.6 million compared to $29.5 million in the prior year quarter. Again, the decline in adjusted EBITDA is a result of our SKU and geographic rationalization efforts.

調整後 EBITDA 為 2,760 萬美元，而去年同期為 2,950 萬美元。再一次，調整後的 EBITDA 的下降是我們 SKU 和地理合理化努力的結果。

Operating cash flow was negative $12.8 million compared to $30.7 million in the prior year quarter. The decrease in operating cash flow was primarily a function of investments in our beverage segment, combined with investments in working capital associated with demand for our products.

經營現金流為負 1,280 萬美元，去年同期為 3,070 萬美元。經營現金流的減少主要是因為我們對飲料部門的投資，以及對與我們產品需求相關的營運資本的投資。

Adjusted free cash flow was negative $12.9 million compared to $30.6 million in the prior year quarter, consistent with the changes in operating cash flow.

調整後的自由現金流為負 1,290 萬美元，而去年同期為 3,060 萬美元，與經營現金流的變動一致。

Moving to our four business segments. Gross cannabis revenue of $89.2 million was comprised of $58.4 million in Canadian adult-use revenue, up from $49.3 million in Q3; $22.4 million in international cannabis revenue, up from $13.9 million in Q3 or 60%; $6.2 million in Canadian medical cannabis revenue; and $2.2 million in wholesale revenue. Net cannabis revenue, which excludes $21.4 million in excise taxes, was $67.8 million, down from $71.9 million in the prior year quarter. Again, we want to highlight. International revenues would have been even higher if not for delays in export permits.

轉向我們的四個業務部門。大麻總收入為 8,920 萬美元，其中加拿大成人用品收入 5,840 萬美元，高於第三季的 4,930 萬美元；國際大麻收入 2,240 萬美元，高於第三季的 1,390 萬美元，增幅為 60%；加拿大醫用大麻收入 620 萬美元；批發收入 220 萬美元。大麻淨收入（不包括 2,140 萬美元的消費稅）為 6,780 萬美元，低於去年同期的 7,190 萬美元。再次強調，我們想強調一下。如果不是出口許可證的延遲，國際收入可能會更高。

The year-over-year decline in cannabis revenue was primarily driven by focusing on margin-accretive SKUs, which resulted in a temporary drag on revenue. As mentioned, we paused vape and infused pre-roll categories to focus on improving profitability, but are expecting to be able to participate more in this growing category in fiscal year '26 given the improvements in our cost structure. As a result of our efforts, cannabis gross profit increased to $29.6 million, and cannabis gross margin increased to 44%, compared to $28.8 million and 40% in the prior year quarter.

大麻收入年減的主要原因是過度注重利潤成長型 SKU，導致收入暫時受到拖累。如上所述，我們暫停了電子煙和預捲菸產品類別，以專注於提高盈利能力，但鑑於成本結構的改善，我們預計在 26 財年能夠更多地參與這一不斷增長的類別。由於我們的努力，大麻毛利增加至 2,960 萬美元，大麻毛利率增加至 44%，而去年同期分別為 2,880 萬美元和 40%。

Beverage revenue was $65.6 million compared to $76.7 million in the prior year quarter. Beverage gross profit was $25 million compared to $40.8 million. This underperformance was principally due to unusually weak consumer demand in the fourth quarter. The fourth quarter is typically our highest revenue quarter. However, this year, it did not meet our expectations.

飲料收入為 6,560 萬美元，而去年同期為 7,670 萬美元。飲料毛利為 2,500 萬美元，去年同期為 4,080 萬美元。業績不佳主要是因為第四季消費需求異常疲軟。第四季通常是我們收入最高的季度。然而今年，它並沒有達到我們的期望。

While our fourth quarter revenue and beverage did not meet our expectations, our late Q4 launch of new innovations have been stronger than the prior year. Innovation PODs are up over 14% from the prior year. Revenue from innovation is up 50%, and velocity is up over 30%. More specifically, when compared to last year's lead innovation in the Southeast, which was gummies, this year's innovation, SweetWater Daytrip IPA, is the number one new craft brand in the Southeast and the number seven new craft brand in all of the US, despite only being available in eight states.

雖然我們第四季的營收和飲料沒有達到我們的預期，但我們在第四季末推出的新創新比去年同期更加強勁。創新 POD 比前一年增長了 14% 以上。創新收入成長了 50%，速度提高了 30% 以上。更具體地說，與去年東南部的領先創新產品軟糖相比，今年的創新產品 SweetWater Daytrip IPA 是東南部排名第一的新精釀品牌，也是全美排名第七的新精釀品牌，儘管僅在八個州有售。

Further, we are extremely encouraged by the initial orders of Breckenridge's new innovation, Mountain Shot, an occasion-centric bourbon and malt-based shot with its own unique packaging. Wellness revenue grew 9% to $17 million from $15.7 million in the prior year quarter. The increase was driven by our strategic focus on targeted advertising campaigns aligned with emerging trends in favor of healthier lifestyle, coupled with our continuous innovation efforts.

此外，我們對布雷肯里奇新產品 Mountain Shot 的首批訂單感到非常鼓舞，這是一款以場合為中心的波本威士忌和麥芽酒，擁有自己獨特的包裝。健康收入從去年同期的 1,570 萬美元成長 9% 至 1,700 萬美元。這一增長得益於我們策略重點放在與更健康生活方式的新興趨勢一致的定向廣告活動，以及我們不斷的創新努力。

Wellness gross profit increased to $5.6 million, up from $4.9 million in the prior year quarter, and gross margin rose to 33% compared to 31%.

健康毛利從去年同期的 490 萬美元增至 560 萬美元，毛利率從 31% 增至 33%。

Distribution revenue, derived predominantly through Tilray Pharma, increased to $74.1 million from $65.6 million in the prior year quarter. Distribution gross profit was $7.4 million compared to $7.8 million in the prior year quarter and distribution gross margin was 10% compared to 12% in the prior year quarter.

分銷收入主要來自 Tilray Pharma，從去年同期的 6,560 萬美元增至 7,410 萬美元。分銷毛利為 740 萬美元，而去年同期為 780 萬美元；分銷毛利率為 10%，而去年同期為 12%。

Our cash and marketable securities balance as of May 31 was $256 million. During the year and through to today, we continue to strengthen our balance sheet, net repaying $22.9 million in our long-term debt and bank indebtedness and repurchasing $67.8 million in outstanding convertible notes.

截至 5 月 31 日，我們的現金和有價證券餘額為 2.56 億美元。在這一年中直至今天，我們繼續加強我們的資產負債表，淨償還了 2,290 萬美元的長期債務和銀行債務，並回購了 6,780 萬美元的未償還可轉換票據。

After taking into consideration these actions, we reduced our net debt position to approximately $19 million, which when combined with our trailing 12 months adjusted EBITDA, puts our net debt to adjusted EBITDA leverage ratio at approximately 0.3 times, and should lead to approximately $4.2 million in net interest expense savings next fiscal year.

考慮這些措施後，我們將淨債務狀況減少至約 1,900 萬美元，與過去 12 個月的調整後 EBITDA 相結合，使我們的淨債務與調整後 EBITDA 的槓桿率約為 0.3 倍，並且應該會在下一財年節省約 420 萬美元的淨利息支出。

Fiscal year 2025 was a year marked by the strengthening in both Canadian and international cannabis businesses, the continued steady improvement of our wellness business and headwinds in the beverage business, with the latter a key area of focus under new leadership. Across each of our businesses, we employed a relentless focus on our strategy. We increased gross profit in each of our businesses year-over-year and increased total margin by 100 basis points, albeit with beverages increase tied to acquisitions.

2025 財年是加拿大和國際大麻業務均得到加強、健康業務持續穩步改善以及飲料業務遭遇阻力的一年，其中飲料業務是新領導層關注的重點領域。在我們的每項業務中，我們都堅持不懈地專注於我們的策略。我們各項業務的毛利均較上年同期增加，總利潤率也提高了 100 個基點，儘管飲料業務的成長與收購有關。

As Irwin mentioned, there is a significant opportunity for Tilray in international markets. And the work that we are doing now to improve profitability and streamline our operations will position us well to capture the global opportunity.

正如歐文所說，Tilray 在國際市場上面臨著巨大的機會。我們目前正在進行的提高獲利能力和簡化營運的工作將使我們處於有利地位，抓住全球機會。

Finally, we are pleased to provide the following guidance for fiscal 2026. We anticipate adjusted EBITDA between $62 million and $72 million.

最後，我們很高興為 2026 財年提供以下指導。我們預計調整後的 EBITDA 在 6,200 萬美元至 7,200 萬美元之間。

Let me now conclude our prepared remarks and open the lines for questions.

現在，請允許我結束我們準備好的發言，並開始回答大家的提問。

(Operator Instructions) Kaumil Gajrawala, Jefferies.

（操作員指示）Kaumil Gajrawala，Jefferies。

Hey guys, good evening. I guess a couple of questions. First, on timing of the importing rights and some of the delays. Where are we now? Do you have a line of sight on if they come through, when they come through and sort of what contribution they're going to have?

大家好，晚上好。我想有幾個問題。首先，關於進口權的時間安排和一些延誤。我們現在在哪裡？您是否知道他們是否會來、何時來以及他們會做出什麼貢獻？

So absolutely have a line of sight, and there was some issues from a legal standpoint in Portugal. And I'm in the midst of working with the Portuguese government and our legal people there to get meetings. But right now, we're seeing that lightening up and we're able to start shipping product.

所以絕對有一個視線，從法律角度來看，葡萄牙存在一些問題。我正在與葡萄牙政府和當地法律人員合作舉行會議。但現在，我們看到了曙光，我們可以開始運送產品了。

The other issue we had was in Spain, in regards to shipping some of our products to Spain, and getting permits. So I feel good about that. I feel we'll see the pickup within our first and second quarter. So I feel good. That's mostly behind us now.

我們遇到的另一個問題是在西班牙，關於將我們的一些產品運送到西班牙並獲得許可證。所以我對此感覺很好。我覺得我們會在第一季和第二季看到回升。所以我感覺很好。現在這些都已經過去了。

But for the fourth quarter, there was approximately $8 million-plus that we just could not get permits. And when we ship product out of Portugal, we need a Portuguese permit to ship it, and we weren't getting it. But the government is now working with us both in Portugal and Spain, and we see that primarily behind us.

但對於第四季度，大約有 800 多萬美元我們無法獲得許可。當我們將產品運出葡萄牙時，我們需要葡萄牙的許可證才能運輸，但我們沒有得到許可證。但葡萄牙和西班牙政府現在正在與我們合作，我們認為這基本上已經過去了。

Denise, Raj, you agree?

丹尼斯、拉傑，你們同意嗎？

Yes.

是的。

Yeah.

是的。

Okay. Great. And then you mentioned Canada sort of hitting equilibrium, maybe price pressure is starting to abate. Can you just give us some more color on exactly what you're seeing and maybe how you expect it to play out over the course of the year?

好的。偉大的。然後您提到加拿大正在達到平衡，也許價格壓力開始減輕。您能否向我們詳細介紹一下您所看到的情況以及您預計它在今年將如何發展？

Well, I think a couple of things happening in Canada. Number one, it's six years into legalization. And I think there's more and more retail stores opening up. I think the consumer now is now skewed to go into Canada stores and not buying from the illicit market. And some of the great innovation that's coming out before it was predominantly flower, where 80% of the market was flower.

嗯，我認為加拿大發生了一些事情。首先，合法化已經六年了。我認為會有越來越多的零售店開業。我認為現在的消費者傾向於去加拿大商店而不是從非法市場購買商品。之前出現的一些偉大創新主要集中在花卉領域，其中 80% 的市場都是花卉。

Now whether it's pre-rolls, diffused pre-rolls, vapes, drinks, and edibles. I also see there's consolidation at retail more and more stores. The Quebec market, which is controlled by the government there, has about 110 stores today, more and more stores will open up in Quebec.

現在無論是預先捲菸、擴散預捲菸、電子菸、飲料或食物。我還看到零售業正在越來越多地進行整合。魁北克市場由當地政府控制，目前擁有約 110 家商店，並且將會有越來越多的商店在魁北克開業。

So with that, I really see the market, you're seeing consumers now enjoying more and more, cannabis products. You see it cannibalizing some of the beer and the spirits industry up there. Also, originally, there was probably between 1,800 and 2,000 licenses that were given out. You're seeing either consolidation or some of these licenses just folding up.

因此，我確實看到了市場，你會看到消費者現在越來越喜歡大麻產品。你會看到它正在蠶食那裡的部分啤酒和烈酒行業。此外，最初發放的許可證數量大概在 1,800 到 2,000 個之間。您會看到這些許可證要么被合併，要么被部分撤銷。

So you saw in my prepared remarks, I see there's some light potentially to lightening up on some of these excise tax. I see a national stamp, which means you don't have from shipping each product, a province.

所以，大家從我準備好的發言中可以看到，我認為降低部分消費稅可能會帶來一些好處。我看到的是全國性的郵票，這意味著你不必從每個產品、一個省份出貨。

I see potentially seeing drinks sold, not only in cannabis stores, potentially in restaurants and maybe on-premise. And I also see the potential, whether it's CBD products or other products sold with -- in drugstores. So I'm really seeing a change in the whole regulatory piece in regards to cannabis in Canada.

我發現不僅在大麻商店，甚至在餐廳和店內都可能出售這種飲料。我也看到了潛力，無論是 CBD 產品還是藥局出售的其他產品。所以我確實看到加拿大大麻監管的整個過程改變了。

And after five, six years, it's something that I'm excited to see because as you've heard me complain about, in the Canadian market, we pay over $135 million-plus just in excise tax. And as price compression happened -- and over the five years, we've probably -- price compression probably cost us about $250 million-plus.

五、六年後，我很高興看到這一點，因為正如你們聽到我抱怨的那樣，在加拿大市場，我們僅消費稅就支付了 1.35 億美元以上。隨著價格壓縮的發生——在過去五年中，我們可能——價格壓縮可能讓我們損失了大約 2.5 億美元以上。

So I'm seeing that, and that's why we're taking our grow up from 130 metric tons up to 150 metric tons because of demand. And the team has done a great job in regards to some of the innovation that's come up.

所以我看到了這一點，這就是為什麼我們要根據需求將產量從 130 公噸提高到 150 公噸。該團隊在一些出現的創新方面做得非常出色。

Got it, thank you.

知道了，謝謝。

Rob Moskow, TD Securities.

羅布·莫斯科（Rob Moskow），道明證券。

This is Victor on for Rob and thanks for taking the question. So a couple of things. The growth in our international in 4Q was nice to see, but how should we view the growth next year, understanding that the timing is -- it's kind of lumpy around timing and shipments. And did I hear you correctly that you said $6 million in sales was from trapped shipments in Portugal? So that should be recognized as one of you, right?

我是 Victor，代替 Rob 發言，感謝您回答這個問題。有幾件事。很高興看到我們第四季的國際業務成長，但我們應該如何看待明年的成長，要知道時機——時間和出貨量方面都存在一些不穩定因素。我是否聽得正確？您說的 600 萬美元的銷售額來自葡萄牙滯留的貨物？所以這應該被視為你們中的一員，對嗎？

So it's $8 million, not $6 million. and it was tracked shipments, and you should see that predominantly in Q1 and also we'll start to see maybe there's a little in Q2. But we see tremendous -- just like I talked about the Canadian market, as the market continues to evolve and change and the demand for medical cannabis, in Germany, you saw growth there. But in regards to Poland, the UK, the Czech Republic, just now, and now, in Turkey, we're working on some stuff in India, we think there's some strong opportunities back in Australia, and we're we looking at some things in New Zealand -- what's that?

所以是 800 萬美元，而不是 600 萬美元。這是追蹤的發貨量，你應該主要在第一季看到這一點，而且我們也會開始看到在第二季度可能會有一點。但我們看到了巨大的——就像我談到的加拿大市場一樣，隨著市場不斷發展和變化，以及對醫用大麻的需求，在德國，你看到了成長。但就波蘭、英國、捷克共和國而言，現在，在土耳其，我們正在印度進行一些工作，我們認為澳洲有一些很好的機會，我們正在關注紐西蘭的一些事情——那是什麼？

Italy.

義大利.

And Italy, just as we -- three licenses or three different Polka bars that we just got in Italy. And again, as you go back and look, Tilray, from a share standpoint, our 5%, 6% share of the market was a smaller share, but we provided a lot of other companies with products. So we see some big, big opportunities. And I will tell you what I would give you guidance, there's some pretty big numbers built into our plans for Europe for next year for us. And that -- we haven't even ultimately -- and that is just based on flower.

而在義大利，就像我們剛剛在義大利獲得的三個許可證或三個不同的波爾卡酒吧一樣。再說一次，回顧一下，Tilray，從份額的角度來看，我們的市場份額為 5% 到 6%，這個份額比較小，但我們為許多其他公司提供了產品。因此，我們看到了一些巨大的機會。我會告訴你們我會給你們什麼指導，我們明年的歐洲計畫中包含了一些相當大的數字。而且 — — 我們甚至還沒有最終 — — 而且這只是基於花。

There's stuff we're doing to see if we can sell pre-rolls there, in regards from a medical standpoint. You got to remember, everything sold in Europe has to be prescribed by doctors and is sold from a medical standpoint. So we have some pretty big plans of how to get to a good growth number.

從醫學角度來看，我們正在做一些事情，看看是否可以在那裡銷售預卷。你必須記住，在歐洲銷售的所有商品都必須由醫生開處方，並且是從醫學角度銷售的。因此，我們針對如何實現良好的成長數字制定了一些相當大的計劃。

And the great thing about Europe is we're not paying anywhere near the excise tax. You see what our margins are in our European markets.

歐洲的偉大之處在於我們根本不需要繳消費稅。您可以看到我們在歐洲市場的利潤是多少。

Okay, that's helpful. And then just a follow-up. I noticed that you mentioned that the cost savings initiative, Project 420, is expected to be completed by fiscal 3Q '26. Can you walk through just some of the different things that still need to be done for that program?

好的，這很有幫助。然後只是後續行動。我注意到您提到成本節約計畫「專案 420」預計將於 2026 財年第三季完成。您能否簡單介紹一下該計劃還有哪些工作要做？

So number one, we started off with 10 manufacturing facilities. We're now down to 7. So as we consolidate manufacturing facilities, as we consolidate warehouses, we went through a SKU rationalization where we took $20 million of SKUs out, and that hit us by $6 million of EBITDA. We didn't see the benefits from it as we looked at replacing them with faster moving SKUs and some new SKUs.

首先，我們從 10 家製造工廠起步。現在我們降至 7。因此，當我們整合製造設施、整合倉庫時，我們進行了 SKU 合理化，其中我們取出了價值 2000 萬美元的 SKU，這給我們帶來了 600 萬美元的 EBITDA 損失。當我們考慮用更快移動的 SKU 和一些新的 SKU 來取代它們時，我們並沒有看到它的好處。

We're also going through some distributor consolidation. We have 800, 900 distributors out there. And from a standpoint of freight, as we brought organizations together where there was some of the original Molson's organization or the ABI organization in regards to one sales force and marketing force, we also -- as we look at our 18 brew pubs that are out there, how we can make them more efficient from a labor standpoint, we also consolidated procurement agreements with Cisco in buying our food.

我們也正在進行一些經銷商整合。我們擁有 800 到 900 名分銷商。從貨運的角度來看，當我們將一些組織整合在一起時，其中有一些原始的 Molson 組織或 ABI 組織，涉及一個銷售團隊和營銷團隊，我們也 - 當我們審視我們現有的 18 家啤酒館時，我們如何從勞動力的角度提高它們的效率，我們還與思科合併了採購協議以購買我們的食品。

So there's multiple things we've put in place. We've really looked at our inventories. We really looked at buying our hubs. So there's numerous costs that we've taken out of here.

我們已經採取了多項措施。我們確實查看了我們的庫存。我們確實考慮購買我們的輪轂。因此，我們已從中減去了大量成本。

The other thing is, as you heard me say before, talked about timing as we did these acquisitions in regards to the categories being set in May and June, as we were in front of the buyers, we lost distribution, we lost space. And now that we're in front of these buyers, we're getting a lot of that back. We also did not have the growth and the emphasis on convenience stores, where convenience stores is one of the biggest sellers of beer out there.

另一件事是，正如你之前聽我說過的那樣，我們談到了時機問題，因為我們在 5 月和 6 月設定了類別進行這些收購，所以我們在買家面前失去了分銷渠道，失去了空間。現在我們面對著這些買家，我們獲得了很多回報。我們也沒有實現成長，也沒有重視便利商店，而便利商店是最大的啤酒銷售商之一。

So it's -- last year was a lot of resets. A lot of things happened, but there's some great plans in place of how to get a lot of this volume back, how to take a lot of costs out of these businesses. And don't forget, we've been doing this since 2020 in the beer industry.

所以——去年有很多重置。發生了很多事情，但也有一些很好的計劃來製定如何收回大部分業務，如何從這些業務中削減大量成本。別忘了，我們從 2020 年起就在啤酒業這樣做了。

Now we're the fourth largest craft brewer. And similarly, there's a lot of the smaller craft brewers that have gone out of the business.

現在我們是第四大精釀啤酒商。同樣，許多小型精釀啤酒廠也退出了該行業。

There's a lot of opportunities, and consumers are looking for new unique beer products out there, whether it's a non-alc, whether it's the light beers, whether it's some of the flavored stuff we're doing, whether some of the stuff we look to do with protein. So we're pretty excited about our beer business.

有很多機會，消費者正在尋找新的獨特啤酒產品，無論是無酒精啤酒，還是淡啤酒，無論是我們正在做的一些調味產品，還是我們希望用蛋白質製作的一些產品。所以我們對我們的啤酒業務感到非常興奮。

You heard me talk about consolidating distributor networks. We have a Molson distributor network. We have an ABI distributor network. So we have to look at some things there.

您聽我談論了整合經銷商網路。我們擁有 Molson 經銷商網路。我們擁有 ABI 經銷商網路。所以我們必須關注那裡的一些事情。

Got it. Thanks for the color.

知道了。謝謝你的顏色。

Thank you.

謝謝。

Aaron Grey, Alliance Global Partners.

亞倫‧格雷 (Aaron Grey)，Alliance Global Partners。

Good evening, thank you for the questions. So first, for the 2026 EBITDA guide, could you maybe offer some color in terms of how best to think about some of the key drivers there? Even if not specific, how much of that's going to be driven by sales growth and some SG&A leverage or gross margin expansion versus cost cuts? And then also, if it's fair to think about the seasonality to be similar to what we've seen in past years in terms of being somewhat similar with the strong 4Q? Thank you.

晚上好，感謝您的提問。那麼首先，對於 2026 年 EBITDA 指南，您能否提供一些關於如何最好地思考其中的一些關鍵驅動因素的詳細資訊？即使沒有具體說明，其中有多少是由銷售成長和一些銷售、一般及行政費用槓桿或毛利率擴大而不是成本削減所推動的？而且，是否可以公平地認為季節性與我們過去幾年所見的類似，與強勁的第四季度有些相似？謝謝。

In terms of seasonality, yes, you're going to -- we continue to expect to see a stronger Q4 than Qs one, two, and three, primarily related to the seasonality of our beverages but also a little bit of seasonality inside of the cannabis business.

就季節性而言，是的，我們繼續預計第四季度的表現將比第一、二、三季更加強勁，這主要與我們飲料的季節性有關，但也與大麻業務內部的一點季節性有關。

With respect to the increases in the guide, I think a bigger portions of it are expected from our international business. We see some improvements happening inside of our Canadian business. And beverage as well, along with wellness. Wellness, I think you're going to see that driven by some of the new categories and new innovations that they're getting into.

關於指南的成長，我認為其中更大一部分預計來自我們的國際業務。我們看到我們的加拿大業務正在發生一些改善。還有飲料，還有健康。健康，我認為你會看到他們正在涉足的一些新類別和新創新正在推動這一趨勢。

On the beverage side, you're going to see some of it related to revenue, but you're also going to see pieces related to Project 420, the cost savings flow through. Remember, a lot of those savings were achieved in '25, but the cash flow impact of them takes longer to work its way through the income statement.

在飲料方面，你會看到一些與收入相關的內容，但你也會看到與項目 420 相關的部分，即成本節約流。請記住，許多節省都是在 25 年實現的，但它們對現金流的影響需要更長時間才能體現在損益表中。

But I think -- just, Carl, I'm sorry, we've done lots of acquisitions. And as we get close to that $1 billion revenue, it's called scale. So number one, it's a much bigger company. There's more gross margin that will contribute. But just as you look at our businesses, as I said before, on the cannabis business, we're starting to hit strides.

但我認為——卡爾，很抱歉，我們已經進行了很多收購。當我們的營收接近 10 億美元時，這就叫做規模。所以，首先，這是一家規模較大的公司。這將帶來更多的毛利率貢獻。但正如我之前所說，正如您所看到的，在大麻業務方面，我們開始取得進展。

And when you go from metric tons and the increase of metric tons of growth, our costs are absolutely going to come down as you come back with our beer business, as we put the multiple acquisitions together and from a scalable standpoint. And today, we have close to a $250 million beverage business.

當你從公噸開始，並且以公噸為單位增加增長時，隨著我們把多次收購放在一起並從可擴展的角度考慮，我們的啤酒業務回歸後，我們的成本絕對會下降。如今，我們的飲料業務價值已接近 2.5 億美元。

So I think what we've shown -- and this year was a challenging year in our beverage beer business as we put the ABI acquisition together, the Molson's acquisitions and SweetWater and Montauk. But as we take costs out, as we get efficiencies, as we consolidate facilities.

所以我認為我們已經展示了——今年對於我們的啤酒飲料業務來說是充滿挑戰的一年，因為我們完成了 ABI 收購、Molson 收購以及 SweetWater 和 Montauk 收購。但隨著我們降低成本、提高效率、整合設施。

And the good news is 90% of our products today, maybe a little more come from our own facilities, so we control the growth. We can control the cost. We're not necessarily affected by tariffs out there other than maybe buying cans.

好消息是，我們今天 90% 的產品，甚至更多一點的產品都來自我們自己的工廠，因此我們可以控製成長。我們可以控製成本。除了購買罐頭之外，我們不一定會受到關稅的影響。

So again, after five, six years, as maturation comes into place, I feel good about the top line growth. We feel good about the top line growth. We feel good about the scalability.

因此，經過五、六年的時間，隨著公司逐漸成熟，我對營收成長感到滿意。我們對營業收入的成長感到滿意。我們對可擴展性感到滿意。

And one of the things we've always had to deal with, as you build out this corporation from a public company standpoint, there's an infrastructure that put in place, whether it's insurance, whether it's public accounting, whether it's legal that we have to fund and as we have a bigger business we can support the overheads to make sure that we have the right processes in place to build Tilray beyond and then some.

我們一直要處理的事情之一是，當你從上市公司的角度打造這家公司時，需要建立一套基礎設施，無論是保險、公共會計，還是我們必須資助的法律事務，隨著業務的擴大，我們可以支持管理費用，以確保我們擁有正確的流程來構建 Tilray 的更大發展。

And again, we as a company today, sell in 21 different countries around the world. We're dealing with multiple currencies. So there's a lot within here, but it's all starting to come together.

如今，我們公司的產品銷往全球 21 個不同的國家。我們正在處理多種貨幣。這裡有很多內容，但都開始匯集在一起。

That's really helpful color. Thank you. Second quick one for me. I know you guys seem pretty constructive and optimistic on international growth opportunity, good to see that in the fourth quarter. But just -- if you could dive a little bit into Germany. Can you talk a little bit maybe about the dynamics of supply-demand equilibrium, where we are at, and any potential impact you might have on pricing there?

這顏色確實很有幫助。謝謝。對我來說，第二個很快。我知道你們對國際成長機會似乎非常有建設性和樂觀態度，很高興在第四季看到這一點。但是——如果你能稍微深入了解德國的話。您能否稍微談談供需平衡的動態、我們所處的位置以及您可能對那裡的定價產生的任何潛在影響？

I know there's been a lot of operators in Canada, and otherwise, kind of allocating more of the product to international markets like Germany because of the higher margin. So just wanted to get some color on that. Are there any concerns there potentially with the new government in Germany potentially disrupting the current medical market there? Thank you.

我知道加拿大有很多營運商，而且由於利潤率較高，他們將更多的產品分配到德國等國際市場。所以只是想對此進行一些說明。是否有人擔心德國新政府可能會擾亂現有的醫療市場？謝謝。

Yeah, hi. It's Denise. Thanks for the question. So in terms of growth in Germany, what we see is -- or when talked about enhancing supply chain, so we've ramped up our volumes in Gatineau, basically increasing our production about 2.5x what it was in fiscal year 2025. We also have been sourcing from our Canadian facilities, and Irwin talked about the fact that we're increasing our supply chain there.

是的，你好。我是丹尼斯。謝謝你的提問。因此，就德國的成長而言，我們看到的是——或者當談到加強供應鏈時，我們已經增加了加蒂諾的產量，基本上將我們的產量提高了 2025 財年的 2.5 倍。我們也一直從加拿大的工廠採購，歐文談到我們正在那裡增加供應鏈的事實。

And then as well, we have Aphria RX, which is in-country, producing high-quality cannabis from cultivars that we've transferred from Canada. And one of the great things about Aphria RX is already in Germany. So supply chain and getting that right, having the right product in market.

此外，我們還有 Aphria RX，它在國內生產從加拿大轉移來的品種的大麻，品質很好。Aphria RX 的一大優點已經在德國實現。因此，供應鏈是正確的，在市場上有正確的產品。

You talked about the price compression. Yes, we are seeing price compression, but that is why we are so focused on our cost. And one of the things we spent a lot of time in 2025, and this shows in our margins, is the fact that we have taken our costs down tremendously. And as Irwin mentioned, as we continuously ramp up, those costs will come down even further. So we're prepared for price compression.

您談到了價格壓縮。是的，我們看到價格正在壓縮，但這就是我們如此關注成本的原因。我們在 2025 年投入大量時間的事情之一就是，我們大幅降低了成本，這體現在我們的利潤率上。正如歐文所提到的，隨著我們不斷加大投入，這些成本將進一步下降。因此，我們已經做好了價格壓縮的準備。

And you got to remember, we have built the international business almost from scratch. When we acquired the Tilray business, I think it was probably $10 million in size, and we acquired that during COVID, couldn't even get to visit. So again, we're building out -- we have one of the largest growth facilities in Gatineau and now with the German facility. So we have access to growth.

你必須記住，我們的國際業務幾乎是從零開始建立的。當我們收購 Tilray 業務時，我認為它的規模大約有 1000 萬美元，而且我們在 COVID 期間收購了它，甚至無法去參觀。因此，我們正在進一步建設——我們在加蒂諾擁有最大的成長設施之一，現在又擁有了德國設施。因此，我們能夠實現成長。

And back to your earlier question, is shipping product from Canada, which we can do, which is much, much higher margin, it's probably 10x the contribution margin when it's coming from Canada to the international. So again, our hope and wish is more and more markets open up.

回到您之前的問題，我們可以從加拿大運送產品，這樣利潤率要高得多，從加拿大運往國際市場的貢獻利潤率可能是 10 倍。所以，我們的希望和祝福是越來越多的市場開放。

I'd be excited to see India, which Raj is quite familiar with, markets there opening and there are some things we're seeing there. I'm excited about some stuff in Turkey, the Czech Republic. I think Italy is going to be a big market. I think UK has some big opportunities, and then to continuously expand upon Poland and Germany.

我很高興看到 Raj 非常熟悉的印度市場正在開放，而且我們在那裡看到了一些事情。我對土耳其、捷克共和國的一些事情感到興奮。我認為義大利將會成為一個巨大的市場。我認為英國有一些巨大的機遇，然後不斷向波蘭和德國擴張。

And just again, with Europe, we think there's tremendous opportunities for our hemp business there, our high protein, and which we've talked about is going into the Middle East with our non-alcoholic drinks and now we can with our beverage business. So the infrastructure is there to do it.

再說一次，我們認為歐洲對我們的大麻業務、我們的高蛋白業務有著巨大的機會，我們曾經討論過將我們的非酒精飲料帶入中東，現在我們可以將我們的飲料業務帶入中東。因此，基礎設施已經存在，可以實現這一點。

The growth facilities are there to do it, and the investment over the last four, five years is there. And we have quite a bit of the know-how of how to go about it.

我們已經擁有實現這一目標的成長設施，過去四到五年的投資也已經到位。而我們對於如何實現這一目標有著相當多的專業知識。

That's helpful detail there. Appreciate that. I'll go and jump back to queue.

這是很有幫助的細節。非常感謝。我要回去排隊了。

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Thank you. Good afternoon, everyone. Irwin, you made mention of rescheduling in the U.S. with the new DEA head. Can you explain to us how would Tilray benefit directly from rescheduling given that you do not have US cannabis operations right now? Thank you.

謝謝。大家下午好。歐文，你提到了與美國新任緝毒局局長重新安排行程。鑑於您目前沒有美國大麻業務，您能否向我們解釋一下，重新安排將如何為 Tilray 帶來直接利益？謝謝。

So again, we could quickly enter that market with our medical business, Pablo. As you know, we sell quite a bit of medical cannabis in Canada, and we have a big international. So from a standpoint of that, we could ultimately do something from a medical cannabis.

因此，我們可以憑藉我們的醫療業務 Pablo 迅速進入該市場。如您所知，我們在加拿大銷售相當多的醫用大麻，並且在國際上也有很大份額。因此從這個角度來看，我們最終可以從醫用大麻方面做一些事情。

But from a rescheduling, Pablo, I think the big thing is get the uncertainty out of the way here, okay? And from a rescheduling, it would allow institutional investors to come into the market. That would allow in regards to retail banking come into the market. So it's just not about the sales. And ultimately, does it open up the opportunity to sell our cannabis drinks or our beverage -- our hemp business.

但從重新安排來看，巴勃羅，我認為最重要的是消除這裡的不確定性，好嗎？從重新安排來看，它將允許機構投資者進入市場。這將允許零售銀行業務進入市場。所以這不僅與銷售有關。最終，它是否為我們銷售大麻飲料或飲料——我們的大麻業務——提供了機會。

So again, there's not a direct one that I could point to, but I'll tell you what. There's a lot of things that it would do for Tilray off the rescheduling if that happens within the US markets. And I think if one thing happens with rescheduling, I think there is a great possibility do they move to legalizing from a medical cannabis standpoint. And there's always would be the opportunities to buy something, Pablo, if that happened. Because right now, we cannot do anything with cannabis in the US.

所以，再說一次，我沒有直接的理由可以指出，但我會告訴你。如果這種情況在美國市場發生，那麼它將為 Tilray 帶來很多重新安排的事情。我認為，如果重新安排發生任何事情，那麼他們很有可能從醫用大麻的角度轉向合法化。如果發生這種情況，那麼總會有機會買東西，巴勃羅。因為目前，我們在美國無法對大麻採取任何措施。

Right. That's good color. Thank you. Look, just one on beverages. I guess the big picture question for me in beverages is how much is under your control? And how much is just the industry, right? So we can make adjustments on a pro forma basis of what the decline might have been in the fourth quarter versus last year.

正確的。這顏色真好。謝謝。瞧，只有一種飲料。我想，對我來說，飲料方面最大的問題是你能控制多少？光是這個行業就值多少錢？因此，我們可以根據第四季與去年相比可能出現的下降幅度進行形式調整。

But whatever the numbers are, there seem to be a steep decline, right? And I'm trying to understand how much of that was like own goals versus just industry challenges. I mean own goals, you can fix, you have new leadership. Industry challenges are tougher, right? So I don't know if you can -- tough to quantify, but if you can just walk us through that in a way.

但無論數字是多少，似乎都出現了急劇下降，對嗎？我試圖了解其中有多少是自己的目標，而不是行業挑戰。我的意思是，你可以確定自己的目標，你有新的領導力。產業挑戰更加嚴峻，對嗎？所以我不知道您是否可以——很難量化，但您是否可以用某種方式向我們講解一下。

So I would come back and say it was the industry from a craft beer industry is down 4% or 5%. I think you see from a craft business, when there's a lot of small players out there, there's a lot of them going away. There's a lot of consolidation.

所以我想說，精釀啤酒行業的營業額下降了 4% 或 5%。我想你從手工藝行業中看到，當市場上有很多小參與者時，其中許多都會消失。有很多合併。

So number one, there's still a big beer business out there and the craft beer business is a good size. And we're number four, and we only got into this business in late 2020, and then you had two years of COVID.In regards to our decline this year, we're up, and most of that is coming from acquisitions.

因此，第一，啤酒行業仍然很大，而且精釀啤酒行業的規模也很大。我們排名第四，我們是在 2020 年底才進入這個行業，然後又經歷了兩年的新冠疫情。關於我們今年的下滑，我們已經回升，其中大部分來自收購。

But some of that was self-inflicted. We're just having -- us making some mistakes. Some of that was, as you heard me say, in timing in regards to authorizations and not getting the placements at supermarket. And some of that was just bringing all those organizations together with acquisitions. And some of it was -- that's why there's leadership change. And that's why a lot of things happen in place.

但其中一些是自己造成的。我們只是犯了一些錯誤。正如您聽到我所說的，其中一些是在授權時間方面的問題，並且沒有在超市獲得位置。其中一些只是透過收購將所有這些組織整合在一起。其中有些是——這就是領導層變動的原因。這就是為什麼很多事情都會發生。

But again, I will say it. The beverage business as a whole is one of the biggest categories out there. And what I aim Tilray to be is not just a beer business, it's a beverage business, and you see some of the valuations out there in regards to what's happening with energy drinks, and HiBall is one example. When we acquired it, it was zero. And this year, the opportunity for growth.

但我還是要說一遍。整體而言，飲料業務是最大的行業之一。我的目標 Tilray 不僅僅是一家啤酒公司，而是一家飲料公司，你可以看到一些關於能量飲料的估值，HiBall 就是其中一個例子。當我們收購它時，它是零。今年是成長的機會。

I think there is tremendous opportunity in the Delta-9 business for us. I think there's opportunities in regards to the non-alc industry for us, whether it's in the US, whether it's in other countries in the Middle East. And I think there's still lots of opportunities in the cocktail business and the seltzer drinks. And again, beer will not go away. And I think the opportunity is going to be as we will take share away from some of the smaller craft beer businesses.

我認為 Delta-9 業務對我們來說具有巨大的機會。我認為非酒精產業對我們來說有很多機會，無論是在美國，還是在中東的其他國家。我認為雞尾酒和蘇打水行業仍有很多機會。再說一遍，啤酒不會消失。我認為這是一個機會，因為我們將從一些較小的精釀啤酒企業手中奪取市場份額。

And if you look at some of the craft beer businesses, Pablo, Boston Beer growth is not coming from their beer business. It's coming from their Sun Cruisers and some of their other drinks. So again, we're not a one-trick pony out there and we're focused on the category in many different ways.

如果你看看一些精釀啤酒企業，你會發現，Pablo、波士頓啤酒的成長並非來自其啤酒業務。它來自他們的 Sun Cruisers 和一些其他飲料。所以，我們並不是只有一招的小馬，我們以多種不同的方式專注於此類別。

But we're big in the Delta-9. We're big into energy drinks. We're going to be bigger into non-alc. We're going to be bigger in the seltzer drinks. We're going to be bigger into lighter beers. And we'll stay within the craft beer industry.

但我們在 Delta-9 方面很強大。我們熱衷於能量飲料。我們將進一步拓展無酒精飲料業務。我們將在蘇打水領域做大做強。我們將進一步加大淡啤酒的研發力道。我們將繼續留在精釀啤酒行業。

The other thing is some of the unique stuff that we're coming out with in our spirits business, and some great different drinks that we're coming out with some of the non-alcoholic drinks. So I think we got some good things set up within our industry, and it's going to depend on leadership timing, innovation here from a standpoint.

另一件事是我們在烈酒業務中推出的一些獨特的產品，以及我們與一些非酒精飲料一起推出的一些很棒的不同飲料。所以我認為我們在行業內建立了一些好的東西，從角度來看，這將取決於領導時機和創新。

Great. Thank you.

偉大的。謝謝。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

First question, just on the beverage and wellness expansion that you mentioned, international in Europe and Asia. Could you talk more about that? Which categories you're most excited about in parts of that potential expansion? What could be the timing of that? And would that happen organically or through M&A?

第一個問題，關於您提到的飲料和健康擴展，在歐洲和亞洲的國際化。您能進一步談談這個嗎？在潛在擴充的部分中，您最感興趣的是哪些類別？那件事發生的時間是什麼時候？這會自然而然地發生還是透過併購實現？

So number one, timing is now. Raj, who is sitting in this room with me, who is based today in Dubai and London, knows that market well and has built businesses in those markets. So that is immediately that we're focused on that. We have a team that's focused on it immediately, and we're talking to both manufacturers and distributors. If there is an acquisition, we would look at it.

所以，首先，時機已經成熟。和我坐在一起的拉吉目前駐紮在杜拜和倫敦，他非常了解這個市場，並且在那些市場建立了業務。因此我們立即將注意力集中於此。我們有一個團隊立即關注這個問題，我們正在與製造商和分銷商進行溝通。如果有收購，我們會考慮。

The other thing we're interested in talking to is -- with President Trump talking about all his tariffs and you have a lot of import beers coming in and imports coming in from Europe, there's potentially -- we're talking to people today that want to manufacture their products in the U.S., and we have capacity to do that on import products. And vice versa, we look at potential acquisitions and bringing, whether it's Montauk and some of our brands into the international market. So that is imminent right now.

我們感興趣的另一件事是——川普總統正在談論他的所有關稅，而且有大量進口啤酒和來自歐洲的進口產品進入美國，因此有可能——我們今天正在與那些想在美國生產產品的人交談，我們有能力在進口產品上做到這一點。反之亦然，我們尋找潛在的收購機會，並將 Montauk 和我們的一些品牌引入國際市場。所以現在這件事迫在眉睫。

The other thing is we think everybody today is into protein. And it's all you hear about protein, protein, protein. And there's a lot of protein within hemp, in our hemp food products, in our seeds. So there's discussions in looking to bring that into the Middle East. Rice is a big business in the Middle East, and what are we doing in regards to supplementing the rice business with some of our hemp business.

另一件事是，我們認為今天每個人都喜歡蛋白質。你聽到的都是關於蛋白質、蛋白質、蛋白質。大麻、我們的大麻食品和種子都含有大量蛋白質。因此，我們正在討論將其引入中東。米是中東地區的一門大生意，我們正在採取哪些措施利用大麻業務來補充大米業務。

So that is a big, big focus for us as we speak.

因此，這是我們目前關注的重點。

Perfect. And then just second question on your cultivation expansion in Canada. How far along are you in ramping that? And how should we think about where that product expansion is going to in terms of exports or staying in Canada?

完美的。第二個問題是關於您在加拿大的種植擴張。您目前進展如何？我們該如何考慮產品擴張的方向，是出口還是留在加拿大？

So some of it -- I think it's what, about 2.5, 3 metric tons will go internationally. And Blair is on the phone here. But the majority of that will stay within Canada. And the interesting thing is, and you see our revenue down on cannabis in Canada, and that was mostly us deciding not to sell wholesale. But the majority of that now is going into some of our new products, whether it's infused pre-rolls or pre-rolls.

所以其中的一部分——我認為大約有 2.5 到 3 公噸將銷往國際市場。布萊爾正在打電話。但其中大部分將留在加拿大境內。有趣的是，你會看到我們在加拿大的大麻收入下降，這主要是因為我們決定不批發銷售。但現在大部分都用於我們的一些新產品，無論是注入式預卷還是預卷。

Some of our oils are baked products, but majority of that is going into the Canadian market. And that is expanding our outdoor grow in Cayuga, and that is expanding our Masson facility today, which is -- which we acquired from HEXO. So that's where that grow will come from. And I don't think anybody has anywhere near 5 million square feet within our growth facilities within the Canadian market.

我們的一些油是烘焙產品，但大部分都銷往加拿大市場。這不僅擴大了我們在卡尤加的戶外種植，還擴大了我們今天的馬森工廠，這是我們從 HEXO 收購的。這就是成長的來源。我認為，在加拿大市場，沒有任何一家公司的成長設施面積能接近 500 萬平方英尺。

And there's continuously requests from us to buy cannabis from us because as oversupply happened in the Canadian market, a lot of these facilities have closed and have sold off. So there is demand for us to be a third-party supplier, but that's not what we're interested in. We're interested in supplying our own facilities. And that's why we had to increase our growth capabilities in the Canadian market.

由於加拿大市場供應過剩，許多此類設施已經關閉並被出售，因此不斷有人要求向我們購買大麻。因此，我們需要成為第三方供應商，但這不是我們感興趣的。我們有興趣提供我們自己的設施。這就是為什麼我們必須提高我們在加拿大市場的成長能力。

Bill Kirk, ROTH Capital Partners.

羅仕證券資本合夥公司的比爾柯克 (Bill Kirk)。

Yes. This is Nick on for Bill. First one for me, just wanted to expand on Germany and the potential changes coming over there. It looks like some of the proposed legislation could potentially inhibit the telemedicine opportunity? So I guess just a couple of questions there.

是的。這是尼克，代替比爾。對我來說，首先我只是想擴展德國以及那裡可能發生的變化。看起來一些擬議的立法可能會抑制遠距醫療的機會？所以我想這裡就有幾個問題。

What do you expect to come on these proposals? And is there anything you can kind of do to prepare for a potentially different selling environment over there?

您期望這些提議會帶來什麼結果？您可以做些什麼來為那裡可能不同的銷售環境做好準備嗎？

So in terms of there has been a proposed legislation, but this is simply a proposed legislation. What we -- until, right, we take very seriously is patient safety and of course, of course, looking at how do we continue to service our patients in the right way. And when we -- the legislation definitely was a bit of a surprise, and we're taking it very seriously along with our industry group. There's a long way between here and actually looking at what ultimately could be a change in legislation. And through our industry group, we're taking this very seriously.

因此，就擬議立法而言，但這只是一項擬議立法。我們——直到，對，我們非常重視病人的安全，當然，我們當然也在考慮如何繼續以正確的方式為病人服務。當我們——這項立法確實有點令人驚訝時，我們和我們的行業組織都非常重視它。從現在到真正看到最終的立法變化還有很長的路要走。透過我們的行業團體，我們非常重視這個問題。

We are putting forward various proposals in terms of how to address it.

我們正在就如何解決這個問題提出各種建議。

And when they talk about the removal of telemedicine and the mail order, we do have to remind government that, in fact, the MedCanG EU rule was put in place because they wanted to look after patient safety, patient health and provide accessibility of the patients. And the current legislation accomplishes all of those things. And we believe that by pushing through changes in telemedicine and in mail order, essentially, you're just going to push the patient into the black market. And that is exactly what the German government doesn't want to do.

當他們談到取消遠距醫療和郵購時，我們必須提醒政府，事實上，制定 MedCanG 歐盟規則是因為他們希望照顧病患的安全、病患的健康並為病患提供可近性。現行立法實現了所有這些目標。我們認為，透過推動遠距醫療和郵購的變革，本質上就是將病患推向黑市。而這正是德國政府不願意做的事。

So we believe that there is plenty of room here and a path forward to negotiate and look at really what is the right thing for German patients and the right thing for industry. We also need to remind the government that many companies have invested very heavily in these new reforms that were put forth.

因此，我們相信這裡有足夠的空間和前進的道路來進行談判並研究真正對德國患者和產業來說什麼是正確的。我們也需要提醒政府，許多公司對這些新提出的改革投入了巨額資金。

And in essence, by kind of taking a step back, it would really persuade investors in other industries, not just medical cannabis, but other industries, well, why would I invest in Germany if I can't rely on basically legislation that moves forward? So we are very much very actively going after this and working with our government relations group to come out with the right outcome.

從本質上講，透過退一步考慮，它確實會說服其他行業的投資者，不僅僅是醫用大麻，還有其他行業的投資者，那麼，如果我不能依靠向前推進的立法，我為什麼要投資德國？因此，我們非常積極地處理此事，並與我們的政府關係小組合作，以取得正確的結果。

And I think as Denise said, it's a long way away from anything being effective there. And it's something that was put out there. It's not anything that's a proposal. It's not any legislation. So it's a long way of anything happening.

我認為，正如丹尼斯所說，任何措施要在那裡發揮作用都還有很長的路要走。這是已經放出來的東西。這不是一個提案。這不是任何立法。所以任何事情的發生都有很長的路要走。

And I think everybody is out there doing something about it. And personally, I think the government put it out there to test it. And I think there will be a lot of pushback on it. So I would not sit here and say I don't worry about it. Absolutely, we'll be focused on it. But it's not something that's happening imminently.

我認為每個人都在為此採取行動。就我個人而言，我認為政府將其放在那裡是為了進行測試。我認為這將會遭遇很多阻力。所以我不會坐在這裡說我不擔心這個。當然，我們會集中精力於此。但這並不是即將發生的事。

No, that makes sense. I appreciate that color. Second one for me, just on the US landscape. We've seen discussions kind of picking up here and some more news flow from outside kind of the traditional echo chamber.

不，這很有道理。我很欣賞那個顏色。對我來說是第二個，僅關於美國風景。我們看到這裡的討論正在升溫，並且從傳統回音室之外傳來了一些新消息。

My question is, are you becoming kind of incrementally more bullish on the US reform opportunity? Or are you still kind of in wait and see mode? Just how are you evaluating kind of the uptick in news flow around US cannabis just over the last month or so?

我的問題是，您是否對美國改革機會越來越看好？還是您仍處於觀望狀態？您如何評價過去一個月左右美國大麻相關新聞的上升趨勢？

Listen, I think some -- as I said before, I think President Trump is about how we enhance business and what can we do. And as they look right now, tariffs have sort of taken the time on all of this here, but the new appointment in regards to rescheduling, I think, is a good step in the right direction. I feel good that something will happen. But the big thing is Tilray is so well diversified, it will be a big lift for Tilray when it does. But if it doesn't, we have a lot of opportunities out there, and we got a lot of things happen.

聽著，我認為一些——正如我之前所說，我認為川普總統關心的是我們如何促進商業發展以及我們能做些什麼。從目前來看，關稅似乎已經花費了一些時間，但我認為，重新安排的新任命是朝著正確方向邁出的良好一步。我感覺很好，有些事情會發生。但最重要的是，Tilray 的多元化程度很高，一旦多元化，對 Tilray 來說將是一個巨大的推動。但如果沒有的話，我們還有很多機會，也會有很多事情發生。

But I think we're hearing more and more about changes coming in regards to regulatory of cannabis in the US. But I've been there before. So --

但我認為我們聽到越來越多有關美國大麻監管方面即將發生的變化的消息。但我以前也去過那裡。所以--

Correct. I appreciate the color.

正確的。我很欣賞這個顏色。

I think we're dealing with a different government today that's interested in business and interested how to bring more and more jobs and how to get rid of an illicit market.

我認為，我們今天面對的是一個不同的政府，它對商業感興趣，關心如何創造更多的就業機會以及如何擺脫非法市場。

Understood. Appreciate the color.

明白了。欣賞色彩。

Thank you very much. I think that is our last question. So I want to thank everybody for joining us on this last or second last or third last day of July. We got a lot happening at Tilray. And as we brought this company together over the last five to sic years, as you can see, we are a very well-diversified business.

非常感謝。我想這是我們的最後一個問題。因此，我要感謝大家在七月的最後一天、倒數第二天或倒數第三天加入我們。Tilray 發生了很多事情。如您所見，我們在過去五、六十年中整合了這家公司，現在我們是一家業務非常多元化的公司。

We have a strong balance sheet. We have over 40 brands. We have multiple beverage facilities. We have a distillery. We have within 5 million square feet of grow in Canada. We have two great growth facilities in Europe. We have great facilities that are producing our wellness products of Manitoba Harvest.

我們擁有強勁的資產負債表。我們有超過 40 個品牌。我們有多個飲料設施。我們有一家釀酒廠。我們在加拿大有 500 萬平方英尺的種植面積。我們在歐洲擁有兩個出色的成長設施。我們擁有一流的設施，生產 Manitoba Harvest 的保健產品。

And with that, it's interesting because what holds back our stock price today is very much focused on the US and legalization in the US. But looking at our growth in regards to being close to $1 billion, yes, if US cannabis was legalized, as I looked at it four years ago, I expected it to happen. And I thought we'd be a lot different.

這很有趣，因為今天阻礙我們股價上漲的因素主要集中在美國和美國的合法化。但看看我們接近 10 億美元的成長，是的，如果美國大麻合法化，就像我四年前看到的那樣，我預計它會發生。我以為我們會有很大的不同。

But as I've always gone back and said, if I could sell cannabis drinks throughout the US today, the sales opportunity that would be. If I go sell drinks in Canada, just in restaurants, the opportunities that would be. If I could sell medical cannabis in a legalized market in Canada, how big that would be. If I could sell pre-rolls from a medical standpoint in Europe, where that would be.

但正如我一直說的那樣，如果我今天可以在美國各地銷售大麻飲料，那將是一個很大的銷售機會。如果我去加拿大的餐廳賣飲料，就會有很多機會。如果我可以在加拿大的合法市場上銷售醫用大麻，那將會有多大。如果我能從醫學角度在歐洲銷售預卷，那就好了。

We're new within the beer business and the opportunities there. The spirits business, there will be more consolidation. You've seen some of the things with the bigger spirits companies. And in regards to international and imports, I think there's an opportunity for Tilray to play a role in that. And I think with our balance sheet, how strong it is and our free cash flow, I think there's continuous opportunities for us in regards to future acquisitions, and that's something that we'll be focused on.

我們是啤酒產業的新手，也面臨該產業的發展機會。烈酒產業將會進一步整合。您已經看到了一些大型烈酒公司的情況。在國際和進口方面，我認為 Tilray 有機會在其中發揮作用。我認為，憑藉我們強勁的資產負債表和自由現金流，我認為我們在未來的收購方面有持續的機會，而這也是我們將重點關注的事情。

And last but not least, geographic expansion. I've been part of growth in the Middle East, have been part of growth in India, been part of growth in Europe. And with Rajnish joining the team and rounding that out and us opening an office in London and looking to grow in the Middle East, we're well positioned.

最後但同樣重要的一點是地理擴張。我參與過中東地區的成長，參與過印度地區的成長，參與過歐洲地區的成長。隨著 Rajnish 加入團隊並完善團隊，以及我們在倫敦開設辦事處並尋求在中東發展，我們已做好準備。

Last but not least, we have a team in place that over the last years has been here building that. And I must say I'm very lucky to get to work with my team, and I want to thank each and everyone for what they contribute.

最後但同樣重要的一點是，我們有一個團隊，過去幾年一直在這裡建立這個團隊。我必須說，我很幸運能與我的團隊一起工作，我要感謝每個人的貢獻。

So I'm glad fiscal 2025 is behind us. It was not one of our easiest years, but there's no years out there that are easy. I think we have a lot of good strategic plans, and we just went through our Board meetings and strategic plans for 2026 and a recap of 2025. And I must say that I'm excited about some of the things in front of us. And I will tell you, there'll be some of the great things that will happen.

所以我很高興 2025 財年已經過去。這不是我們最輕鬆的一年，但沒有哪一年是輕鬆的。我認為我們有很多好的戰略計劃，我們剛剛召開了董事會會議，制定了 2026 年的戰略計劃並回顧了 2025 年的戰略計劃。我必須說，我對我們面前的一些事情感到興奮。我會告訴你們，將會有一些偉大的事情發生。

There will be some challenges, but I never want us to be flatlined because that's not a good place in life to ever be is to be a flat line in place. And I expect growth on the top line, expect growth in the margin, expect growth in EBITDA. And I expect free cash flows coming from our businesses to offset that.

我們會面臨一些挑戰，但我永遠不希望我們陷入停滯，因為停滯不前不是生活中的好狀態。我預計營業收入、利潤率和 EBITDA 都會成長。我預計我們業務產生的自由現金流可以抵消這一影響。

So enjoy the rest of your summer. Be safe out there. On a nice warm day like this year, it's great to enjoy a great cold beer. Thank you very much.

所以盡情享受剩下的夏天吧。在外面要注意安全。在像今年這樣溫暖美好的日子裡，享用一杯冰鎮啤酒真是太棒了。非常感謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。